CPA Reg Quiz
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BUSINESS LAW
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Under UCC Article 3, which of the following correctly describes a 'teller's check'?
A
A teller's check is a draft drawn by a bank on another bank, or payable at or through a bank; it is similar to a cashier's check but is drawn on a different bank (such as a correspondent bank) rather than the issuing bank itself.
B
A teller's check is a check written by a bank teller on the customer's personal account.
C
A teller's check is issued by the Federal Reserve Bank for large commercial transactions.
D
A teller's check is a post-dated check that a teller holds until the future date.
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