Reconverting Bank definition

Reconverting Bank means (1) the bank that creates a Substitute Check; or (2) with respect to a Substitute Check that was created by a person that is not a bank, the first bank that transfers, presents, or returns that Substitute Check or, in lieu thereof, the first paper or electronic representation of that Substitute Check.

Reconverting Bank means a bank that creates a Substitute Check; or if a Substitute Check is created by a Person other than a bank, the first bank that transfers or presents such Substitute Check.

Reconverting Bank. ’ means the first bank that

Examples of Reconverting Bank in a sentence

• Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in the Check 21 Law and its implementing regulations found at 12 C.F.R. Part 229, as the same may be amended from time to time, to the extent permitted by law.

• The images captured and transmitted by Business Entity through Remote Deposit shall be sufficient for Extraco or any subsequent Reconverting Bank, to print and distribute a Substitute Check in compliance with the Standards.

• Bank represents and warrants that it and/or its service partners have the capability to receive image files and initiate “Substitute Checks/Image Replacement Documents” or “IRD” Bank agrees to remain in Reconverting Bank for all purposes under “Check 21” and makes all warranties there under.

• Because you are performing the function of converting Original Checks to Check Images which may become Substitute Checks, you understand and agree that you are responsible, to the extent permitted by law, for all warranties and indemnifications set forth in the Check Clearing for the 21st Century Act (as may be amended from time to time, “Check 21”) applying to the Reconverting Bank and Truncating Bank, as such terms are defined by Check 21.

• It is the parties’ intent that at all times the images captured and transmitted by Customer through Remote Capture shall be sufficient for Amarillo National Bank or any subsequent Reconverting Bank, to print and distribute a Substitute Check in compliance with the Standards.

• The Company incurred an amount of USD 65,858 (EURO 58,148) for the financial period ended 31 December 2022 relating to administration services provided by Apex IFS Limited.

• At all times the images captured and transmitted by Customer through Remote Deposit Capture shall be sufficient for Bank or any subsequent Reconverting Bank, to print and distribute a Substitute Check in compliance with the Standards.

• Section 229.2(zz) Reconverting Bank (corresponding to Section 229.2(yy) of the proposed rule) Several commenters expressed concern about the proposed definition of reconverting bank and the accompanying commentary.15 Most of these comments focused on the portion of the definition describing the identity of the reconverting bank when a nonbank created the substitute check.

• Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in The Check Clearing for the 21st Century Act ("Check 21 Law") and its implementing regulations found at 12 C.F.R. Part 229, as the same may be amended.

• Customer is responsible for all the warranties and indemnifications of a Reconverting Bank as defined in The Check Clearing for the 21st Century Act (“Check 21 Law”) and its implementing regulations found in Reg.

More Definitions of Reconverting Bank

Reconverting Bank means, with respect to a non-bank substitute check, the first bank that transfers, presents or returns that non-bank substitute check.