An electronic image of an item together with electronic information describing that item in an approved format will be considered a valid instrument. Common forms of instruments are the following EXCEPT:
A.
Checks: Drafts drawn on a bank and payable on demand
B.
Pay checks
C.
Cash items: Checks or other items payable on demand and collectible at par and accepted at the Reserve Bank
D.
Noncash items: Items that a Reserve Bank classifies as requiring special handling
The correct answer is B. Pay checks. In the context provided, checks, cash items, and noncash items are all recognized forms of instruments in financial transactions, especially when considering electronic imaging and processing. Pay checks specifically are a type of check, making "pay checks" a less distinct category within this context. The term "checks" (A) encompasses pay checks as drafts drawn on a bank and payable on demand. Therefore, when distinguishing between common forms of instruments as per the provided options, pay checks do not stand apart as a separate category from checks in general, making B the correct answer as the exception in the context of recognized financial instruments for electronic processing.
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Cam22
4 months ago