The Clearing House (TCH) filed an amicus brief before the New York Court of Appeals in Clemente Bros. Constr. Corp. v. Hafner-Milazzo and Capital One on the question of whether a bank and its customer should be permitted to agree to shorten the one-year period set out in Article 4 of the UCC for the customer to notify the bank of a forged or altered check. The brief points out that the UCC clearly permits these agreements and that every other appellate court that has considered the issue has found that banks and their customers may agree to a shorter period. As such, it argues that allowing these agreements is not burdensome on customers and that shorter notice periods enable banks to catch frauds more readily.
You Might Also Be Interested In...
Amicus Briefs BPI, Trades File Brief Supporting BofA Argument that National Law Preempts N.Y. Mortgage Escrow Rate Requirements
Amicus Briefs BPI, Joint Trades File Amici Brief in Goldman Shareholder Class Action Case Before SCOTUS
Consumer Affairs BPI Files Joint Amici Brief With Other Trades in California v. OCC Case on the OCC’s ‘Madden Fix’ Regulation
Amicus Briefs BPI Submits Amicus Brief in Hymes v. Bank of America National Bank Act Preemption Case
Amicus Briefs BPI Files Amicus Brief on Applicability of HOLA Preemption to Successor Banks in McShannock v. JP Morgan Chase
More Posts by This Author
Digital Assets BPI Comments on Treasury Department Review of Digital Assets in Response to Executive Order
Community Reinvestment Act BPI Comments on Federal Banking Agencies’ Community Reinvestment Act Proposal
Bank Liquidity The Bank of England Just Released Its Plan for Getting Smaller. The Fed Could Learn from it.