31 CFR 240.2 - Definitions.
(b)Agency means any agency, department, instrumentality, office, commission, board, service, or other establishment of the United States authorized to issue Treasury checks or for which checks drawn on the United States Treasury are issued.
(e)Check payment means the amount paid to a presenting bank by a Federal Reserve Bank.
(f)Counterfeit check means a document that purports to be an authentic check drawn on the United States Treasury, but in fact is not an authentic check.
(g)Days means calendar days. For purposes of computation, the last day of the period will be included unless it is a Saturday, Sunday, or Federal holiday; the first day is not included. For example, if a reclamation was issued on July 1, the 90 day protest period under § 240.9(b) would begin on July 2. If the 90th day fell on a Saturday, Sunday or Federal holiday, the protest would be accepted if received on the next business day.
(h)Declination means the process by which Treasury refuses to make final payment on a check, i.e., declines payment, by instructing a Federal Reserve Bank to reverse its provisional credit to a presenting bank.
(j)Disbursing official means an official, including an official of the Department of the Treasury, the Department of Defense, any Government corporation (as defined in 31 U.S.C. 9101), or any official of the United States designated by the Secretary of the Treasury, authorized to disburse public money pursuant to 31 U.S.C. 3321 or another law.
(l)Electronic check means an electronic image of a check drawn on the United States Treasury, together with information describing that check, that meets the technical requirements for sending electronic items to a Federal Reserve Bank as set forth in the Federal Reserve Banks' operating circulars.
(m)Federal Reserve Bank means a Federal Reserve Bank (FRB) or a branch of a Federal Reserve Bank.
(o)Financial institution means:
(1) Any insured bank as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813) or any bank which is eligible to make application to become an insured bank under section 5 of such Act ( 12 U.S.C. 1815);
(2) Any mutual savings bank as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813) or any bank which is eligible to make application to become an insured bank under section 5 of such Act ( 12 U.S.C. 1815);
(3) Any savings bank as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813) or any bank which is eligible to make application to become an insured bank under section 5 of such Act ( 12 U.S.C. 1815);
(4) Any insured credit union as defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752) or any credit union which is eligible to make application to become an insured credit union under section 201 of such Act ( 12 U.S.C. 1781);
(5) Any savings association as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813) which is an insured depositary institution (as defined in such Act) ( 12 U.S.C. 1811et seq.) or is eligible to apply to become an insured depositary institution under the Federal Deposit Insurance Act ( 12 U.S.C. 1811et seq.); and
(6) Any financial institution outside of the United States if it has been designated by the Secretary of the Treasury as a depositary of public money and has been permitted to charge checks to the General Account of the United States Treasury.
(p)First examination means Treasury's initial review of a check that has been presented for payment. The initial review procedures, which establish the authenticity and integrity of a check presented to Treasury for payment, may include reconciliation; retrieval and inspection of the check or the best available image thereof; and other procedures Treasury deems appropriate to specific circumstances.
(1) A disbursing official; or
(2) A person authorized to sign on behalf of a disbursing official.
(r)Forged or unauthorized indorsement means:
(1) An indorsement of the payee's name by another person who is not authorized to sign for the payee; or
(2) An indorsement of the payee's name made by another person who has been authorized by the payee, but who has not indorsed the check in accordance with §§ 240.4 and 240.13 through 240.17; or
(4) A check bearing an altered payee name that is indorsed using the payee name as altered.
(s)Guarantor means a financial institution that presents a check for payment and any prior indorser(s) of a check.
(t)Master Account means the record of financial rights and obligations of an account holder and the Federal Reserve Bank with respect to each other, where opening, intraday, and closing balances are determined.
(u)Material defect or alteration means:
(1) The counterfeiting of a check; or
(2) Any physical change on a check, including, but not limited to, a change in the amount, date, payee name, or other identifying information printed on the front or back of the check (but not including a forged or unauthorized drawer's signature); or
(3) Any forged or unauthorized indorsement appearing on the back of the check.
(v)Minor means the term minor as defined under applicable State law.
(w)Monthly statement means a statement prepared by Treasury which includes the following information regarding each outstanding reclamation:
(1) The reclamation date;
(2) The reclamation number;
(3) Check identifying information; and
(4) The balance due, including interest, penalties, and administrative costs.
(x)Original check means the first paper check drawn on the United States Treasury with respect to a particular payment transaction.
(z)Person means an individual, institution, including a financial institution, or any other type of entity; the singular includes the plural.
(aa)Presenting bank means:
(bb)Provisional credit means the initial credit provided to a presenting bank by a Federal Reserve Bank. Provisional credit may be reversed by Treasury until the completion of first examination or final payment is deemed made pursuant to § 240.6(d).
(cc)Reasonable efforts means, at a minimum, verifying the existence of the Treasury watermark on an original check. Based upon the facts at hand, including whether a check is an original check, a substitute check or an electronic check, reasonable efforts may require the verification of other security features.
(dd)Reclamation means a demand for the amount of a check for which Treasury has requested an immediate refund.
(ff)Reclamation debt means the amount owed as a result of Treasury's demand for refund of a check payment, and includes interest, penalties and administrative costs assessed in accordance with § 240.8.
(gg)Reclamation debtor means a presenting bank or other indorser of a check from whom Treasury has demanded a refund in accordance with §§ 240.8 and 240.9. The reclamation debtor does not include a presenting bank or other indorser who may be liable for a reclamation debt, but from which Treasury has not demanded a refund.
(hh)Recurring benefit payment includes but is not limited to a payment of money for any Federal Government entitlement program or annuity.
(kk)Treasury Check Offset means the collection of an amount owed by a presenting bank in accordance with 31 U.S.C. 3712(e).
(mm)U.S. securities means securities of the United States and securities of Federal agencies and Government corporations for which Treasury acts as the transfer agent.
(nn)Writing includes electronic communications when specifically authorized by Treasury in implementing instructions.
Title 31 published on 18-Mar-2017 03:27
The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 31 CFR Part 240 after this date.