Clarks’ Guide to Electronic Check Collection

Clarks’ Guide to Electronic Check Collection: Check Truncation, Remotely Created Checks, ACH Conversion, Check 21, Image Exchange & Electronic Check Presentment

Author(s): Barkley Clark, Barbara Clark
Price: $475
Format: 3-Ring Binder/CD
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Keep up with the complex and changing laws, cases and regulatory rules affecting paper checks

In Clarks’ Guide to Electronic Check Collection: Check Truncation, Remotely Created Checks, ACH Conversion, Check 21, Image Exchange & Electronic Check Presentment renowned attorneys Barkley and Barbara Clark comprehensively address the changing landscape of paper checks providing legal and practical information to help you keep up with this rapidly changing area.

Get detailed analysis and comparison of the five different directions that checks may take after issuance and the different legal issues they present:

The check may be delivered to the payee, deposited and collected as a standard paper cash item—the old-fashioned way.
The check may be remotely created by the payee, based on the drawer’s MICR information, and then entered into the collection system as a paper cash item.
Using the MICR information on the paper check, the payee may convert the check into an ACH debit entry.
The paper check may be truncated into a digital image early in the collection process and be presented electronically.
The paper check may be imaged, only to be reborn somewhere along the collection path as a paper “substitute check.”

Clarks’ Guide to Electronic Check Collection: Check Truncation, Remotely Created Checks, ACH Conversion, Check 21, Image Exchange & Electronic Check Presentment also includes comprehensive coverage of new and emerging topics:

Learn how to deal with concerns for depository institutions when the Federal Reserve Board's new regulation on remotely created checks kicks in on July 1, 2006
On September 15, 2006, some business checks will be eligible for ACH conversion. Prior to that date, only consumer checks were eligible. What is the significance of the new ACH application?
Get detailed analysis of Electronic Check Presentment (ECP) under the the rules of the Electronic Check Clearinghouse Organization (ECCHO). How do the ECCHO rules seek to reduce risk to banks clearing checks? How do the rules take maximum advantage of freedom of contract under the UCC? How do the ECCHO rules compare with the NACHA rules?
Get a discussion of problems the Federal Reserve Banks have discovered during the first year of Check 21. These problems include (1) creation of duplicate checks, (2) substitute check quality, (3) image quality, (4) requests for original or sufficient copies, and (5) indemnity claims. Banks need to beware of these pitfalls and consider deposit agreement provisions that insulate them from increased risk.

About the Authors

Barkley Clark is well known as a national authority on commercial and financial services law. He is a partner in the law firm of Stinson Morrison Hecker LLP. He advises financial institutions and businesses around the country on a variety of UCC and federal banking law issues, including payment systems, secured transactions, and sales. He is listed in Best Lawyers in America. He is a graduate of Amherst College and Harvard Law School. During a teaching career spanning 35 years, he has taught commercial law at the University of Kansas School of Law, Georgetown Law Center, George Washington University, and the University of Virginia School of Law. His publications are relied on by practicing attorneys and bankers throughout the financial services industry and are frequently cited by federal and state courts. He has served as a special adviser to the Federal Reserve Board, the Commissioners on Uniform State Laws, and state legislatures around the country. He has also served as a director of a national bank. He has co-authored (with Barbara Clark) four major treatises in the banking law area—The Law of Bank Deposits, Collections and Credit Cards, The Law of Secured Transactions under the Uniform Commercial Code, and Clarks’ Guide to Electronic Check Collection. He co-edits (with Barbara Clark) two newsletters—Clarks’ Bank Deposits and Payments Monthly and Clarks’ Secured Transactions Monthly.

Barbara Clark is a former federal prosecutor and commercial litigator with over 25 years’ experience. She is a partner in the Commercial Law Institute, Greenwood, Virginia. Ms. Clark is a graduate of Hamilton College and the University of Maryland School of Law. She has been a partner in private practice specializing in commercial litigation and has represented financial institutions before federal and state regulators. One of Ms. Clark’s areas of special interest is financial fraud and risk management. She is a co-author (with Barkley Clark) of The Law of Bank Deposits, Collections and Credit Cards, The Law of Secured Transactions Under the UCC, and Clarks’ Guide to Electronic Check Collection. Ms. Clark has also co-authored (with Barkley Clark and Mark Hargrave) Truth in Savings: Legal Analysis and Compliance Strategies, and is a co-editor (with Mr. Clark) of two monthly newsletters—one on secured transactions and the other on bank deposits and payments.