Image Exchange Item definition

Image Exchange Item means a digitized image of an Item cleared and settled directly with a Payor Financial Institution without conversion to a Substitute Check.

Image Exchange Item means a digitized image of a Check cleared and settled directly with a Payor Financial Institution without conversion to a Substitute Check.

Image Exchange Item means a digitized image of an Item cleared and settled directly with a Paying Bank without conversion to a Substitute Check.

Examples of Image Exchange Item in a sentence

• Without limitation, you recognize that under the UCC, Regulation CC, the Electronic Check Clearing House OrganizationTM (“ECCHO”) Rules (as applicable), and the rules of any image exchange network, our representations and warranties with regards to Image Exchange Items and Substitute Checks may expose us to claims for several years following processing of the Image Exchange Item or Substitute Check.

• Notwithstanding the foregoing, the Bank may redeposit any returned Substitute Check or Image Exchange Item consistent with the terms of the deposit account agreements.

• Without limitation, you recognize that under the UCC, Regulation CC, The Clearing House ECCHO Rules (as applicable), and the rules of any image exchange network, our representations and warranties with regards to Image Exchange Items and Substitute Checks may expose us to claims for several years following processing of the Image Exchange Item or Substitute Check.

• Without limitation of the forgoing, Customer acknowledges that under Regulation CC, the UCC, and the Rules of any Network that the Image Exchange Items and Substitute Checks may expose the Bank to claims for several years following the processing of an Image Exchange Item or Substitute Check.

• Without limitation, you recognize that under the UCC, Regulation CC, the Electronic Check Clearing House Organization™ (“ECCHO”) Rules (as applicable), and the rules of any image exchange network, our representations and warranties with regards to Image Exchange Items and Substitute Checks may expose us to claims for several years following processing of the Image Exchange Item or Substitute Check.

• Without limitation, you recognize that under the Uniform Commercial Code, Regulation CC, the Electronic Check Clearing House Organization (“ECCHO”) Rules (as applicable) and the rules of any image exchange network, our representations and warranties with regard to Image Exchange Items and Substitute Checks may expose us to claims for several years following processing of the Image Exchange Item or Substitute Check.

• Without limitation, you recognize that under the UCC, Regulation CC and the rules of any image exchange network our representations and warranties with regards to Image Exchange Items and Substitute Checks may expose us to claims for several years following processing of the Image Exchange Item or Substitute Check.

• In addition to any limitations in the Master Agreement, Bank will not be liable to Client for any refusal of a Paying Bank to pay an Image Exchange Item or Substitute Check for any reason (other than the gross negligence or willful misconduct of Bank), including without limitation, that the Original Check, Image Exchange Item or Substitute Check was allegedly unauthorized, was a counterfeit, had been altered, or had a forged signature.

• Without limitation, you recognize that under the Rule, the UCC, Regulation CC and the rules of any image exchange network the credit union’s representations and warranties as regards Image Exchange Items and Substitute checks may expose us to claims for several years following processing of the Image Exchange Item or Substitute Check.

• If a Payor Financial Institution returns an item to Bank unpaid, the item may be returned to Customer as an Image Replacement Document or an Image Exchange Item, each as defined in the Check 21 Act.

More Definitions of Image Exchange Item

Image Exchange Item. A digitized image of a Check cleared and settled directly with a Payor Financial Institution without conversion to a Substitute Check. Noncash Item: An item that would otherwise be a Check, except that: (i) a passbook, certificate or other document is attached; (ii) it is accompanied by special instructions, such as a request for special advice of payment or dishonor; (iii) it consists of more than a single thickness of paper, except a Check that qualifies for handling by automated check processing equipment; or (iv) it has not been pre-printed or post-encoded in magnetic ink with the routing number of the Payor Financial Institution.

Image Exchange Item. Any paper image or copy of an Original Check, Substitute Check, Sufficient Image Copy, or reproduction thereof, including a paper printout of an electronic image or photocopy.

Image Exchange Item means a digitized image of a Check cleared and settled directly with a Payor Financial Institution without conversion to a Substitute Check Noncash Item means an item that would otherwise be a Check, except that: (i) a passbook, certificate or other document is attached; (ii) it is accompanied by special instructions, such as a request for special advice of payment or dishonor; (iii) it consists of more than a single thickness of paper, except a Check that qualifies for handling by automated check processing equipment; or (iv) it has not been preprinted or post-encoded in magnetic ink with the routing number of the Payor Financial Institution.

Image Exchange Item means the digitized image created of an item and transmitted to us using Online Deposit for deposit, collection or payment, and maybe cleared and settled with a payor financial institution, with or without conversion to a Substitute Check.