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I had to research what you meant by "Rule 8," and learned that it typically refers to a claim made through a clearing house that a presenting or transferring bank has breached its warranty (under Regulation CC Section 229.34(d)) that a Remotely Created Check (RCC) was authorized by the person on whose account the RCC ...

If the other party breaches a condition of the contract, you may be able to 'repudiate' the contract to terminate it and claim damages for your loss - or to 'affirm' the contract and claim damages. When the breach of contract is the breach of a warranty in the contract, the restitution is by damages alone.

Breach of warranty is defined as the violation of an express or implied contract of warranty, and thus it is a breach of contract. Essentially, it occurs when the warrantor fails to provide the assurance warranted. A seller can expressly or implicitly assure the buyer about the quality or title of an item sold.

What is the Purpose of Rule 9? Counterfeit items and items with forged drawers' signatures are often identified by bank customers after the deadline for returning them has passed. Rule 9 allows a paying bank to make a claim against a depositary bank to recover for such an item.

The ECCHO Rules require all MICR line information from the Fully Qualified Item. Banks must use acceptable industry practices to interrogate all fields of the check or image.

ECCHO is a not-for-profit national check clearinghouse owned by its over 3,000 member financial institutions dedicated to promoting electronic check collection and related payment system improvements. ECCHO is recognized across the U.S. as the national provider of private sector check image exchange rules.

Rule 9 ? ECCHO Rules Section XIX(O) Rule 9 allows a paying bank to make a claim against a depositary bank to recover for such an item. The depositary bank is liable only if there are sufficient funds in the depositing customer's account.

When funds are set aside for a specific purpose or project, they are known as ?earmarked?. This prevents the funds from being spent in other areas, thereby maintaining healthy cash flow. The term earmarking actually has its roots in agriculture. Farmers would cut a notch into the ears of their livestock.

EDDA refers to electronic Direct Debit Authorisation. It allows the payee to collect funds directly from the payer. Payers can initiate an eDDA instruction to the designated payee with maximum amount, date range and frequency of the payment.