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Exam CRCM topic 1 question 170 discussion

Actual exam question from ABA's CRCM
Question #: 170
Topic #: 1
[All CRCM Questions]

The Reserve Bank may recover from the sender the attorneys' fees if an action is brought against a Reserve Bank on the basis of:

  • A. Failure of sender to have authority to make the required warranties and agreements
  • B. Any action by the Reserve Bank within the scope of its authority in handling the item
  • C. Any warranty made by the Reserve Bank
  • D. All of the above
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Suggested Answer: D 🗳️
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A (100%)

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Cam22
4 months, 2 weeks ago
Selected Answer: A
If an action is brought against a Reserve Bank due to the failure of the sender to have the authority to make the required warranties and agreements, the Reserve Bank may recover attorneys' fees from the sender. This underscores the importance of ensuring that the sender has the necessary authority in financial transactions to avoid legal complications
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C (25%)
B (20%)
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