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Exam CRCM topic 1 question 175 discussion

Actual exam question from ABA's CRCM
Question #: 175
Topic #: 1
[All CRCM Questions]

Time to bring action against a Reserve Bank:

  • A. Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within two years
  • B. Claims against Reserve Banks for warranties given on electronic items that are not substitute checks must be brought within one year
  • C. Claims against Reserve Banks for guarantees given on electronic items that are not substitute checks must be brought within one year
  • D. Claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within three years
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Suggested Answer: AB 🗳️
by Cam22 at March 16, 2024, 10:09 p.m.

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Cam22
4 months ago
Selected Answer: A
Under Regulation J, claims against Reserve Banks for failure to act in good faith or exercise ordinary care must be brought within two years. This time frame is specified for claims related to Reserve Banks' handling of items.
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