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U.S. Code as of:
01/19/04
Section 5004. Substitute check warranties
A bank that transfers, presents, or returns a substitute check
and receives consideration for the check warrants, as a matter of
law, to the transferee, any subsequent collecting or returning
bank, the depositary bank, the drawee, the drawer, the payee, the
depositor, and any endorser (regardless of whether the warrantee
receives the substitute check or another paper or electronic form
of the substitute check or original check) that -
(1) the substitute check meets all the requirements for legal
equivalence under section 5003(b) of this title; and
(2) no depositary bank, drawee, drawer, or endorser will
receive presentment or return of the substitute check, the
original check, or a copy or other paper or electronic version of
the substitute check or original check such that the bank,
drawee, drawer, or endorser will be asked to make a payment based
on a check that the bank, drawee, drawer, or endorser has already
paid.
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