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12 U.S.C. § 5008 — Delays in an emergency
Federal law — U.S. Code and appendices · legal_authorities
A delay by a bank beyond the time limits prescribed or permitted by this chapter shall be excused if the delay is caused by interruption of communication or computer facilities, suspension of payments by another bank, war, emergency conditions, failure of equipment, or other circumstances beyond the control of a bank and if the bank uses such diligence as the circumstances require.
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Stable record: federal_law:legal_authorities:record_usc_b416bda581fd935cd6ccd904
Source file: Laws/federal/codes/united-states-code/title-12/section-5008-delays-in-an-emergency--b1ced1a288.md
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Source location: Title 12, Chapter 50, § 5008; chapter-050-check-truncation.md
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A delay by a bank beyond the time limits prescribed or permitted by this chapter shall be excused if the delay is caused by interruption of communication or computer facilities, suspension of payments by another bank, war, emergency conditions, failure of equipment, or other circumstances beyond the control of a bank and if the bank uses such diligence as the circumstances require.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Findings** The Congress finds as follows:
(1) In the Expedited Funds Availability Act [[12 U.S.C. 4001](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section4001&num=0&edition=prelim) et seq.], enacted on August 10, 1987, the Congress directed the Board of Governors of the Federal Reserve System to consider establishing regulations requiring Federal reserve banks and depository institutions to provide for check truncation, in order to improve the check processing system.
(2) In that same Act, the Congress—
(A) provided the Board of Governors of the Federal Reserve System with full authority to regulate all aspects of the payment system, including the receipt, payment, collection, and clearing of checks, and related functions of the payment system pertaining to checks; and
(B) directed that the exercise of such authority by the Board superseded any State law, including the Uniform Commercial Code, as in effect in any State.
(3) Check truncation is no less desirable in 2003 for both financial service customers and the financial services industry, to reduce costs, improve efficiency in check collections, and expedite funds availability for customers than it was over 15 years ago when Congress first directed the Board to consider establishing such a process.
**(b) Purposes** The purposes of this chapter are as follows:
(1) To facilitate check truncation by authorizing substitute checks.
(2) To foster innovation in the check collection system without mandating receipt of checks in electronic form.
(3) To improve the overall efficiency of the Nation’s payments system.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5001
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Federal law — U.S. Code and appendices · legal_authorities
Page 1781
TITLE 12—BANKS AND BANKING
§ 5008
the consumer’s account under section 5006 of
this title, together with an estimate of the
amount of the loss or recredit;
(C) the reason why production of the origi-
nal check, another substitute check, or a
better copy of the original check is nec-
essary to determine the validity of the
charge to the consumer account or the war-
ranty claim; and
(D) information sufficient for the indem-
nifying bank to identify the substitute
check and to investigate the claim.
(2) Requirements relating to copies of sub-
stitute checks
If the information submitted by a claimant
bank pursuant to paragraph (1) in connection
with a claim for an expedited recredit includes
a copy of any substitute check for which any
such claim is made, the claimant bank shall
take reasonable steps to ensure that any such
copy cannot be—
(A) mistaken for the legal equivalent of
the check under section 5003(b) of this title;
or
(B) sent or handled by any bank, including
the indemnifying bank, as a forward collec-
tion or returned check.
(3) Claim in writing
(A) In general
An indemnifying bank may, in the discre-
tion of the bank, require the claimant bank
to submit the information required by para-
graph (1) in writing, including a copy of the
written or electronically submitted claim, if
any, that the consumer provided in accord-
ance with section 5006(b) of this title.
(B) Means of submission
An indemnifying bank that requires a sub-
mission of information under subparagraph
(A) may permit the claimant bank to make
the submission electronically, if the claim-
ant bank has agreed to communicate with
the indemnifying bank in that manner.
(c) Recredit by indemnifying bank
(1) Prompt action required
No later than 10 business days af
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5008
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