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19 <br />responsible for a deposit until a Bank employee has received and verified it. <br />The receipt received at the time of deposit is not evidence a deposit has <br />been verified. Bank may reverse or otherwise adjust any credit Bank believes <br />it has erroneously made to Company’s Account at any time without prior <br />notice to Company. <br /> <br />Collection Items. <br />Bank may, in its sole discretion and with notice to Company, handle a Paper <br />Item as a collection Item, instead of as a deposit. This means Bank sends the <br />Item to the issuer’s bank for payment and credits Company’s Account for <br />the Item when Bank receives payment for the Item. If the Item is returned <br />unpaid, Bank will return the Item to Company. <br /> <br />Endorsements. <br />This subsection applies if an endorsement is necessary for the transfer or <br />negotiation of an Item. Company authorizes Bank to supply Company’s <br />endorsement on any Item Bank takes for collection, payment or deposit to <br />Company’s Account. Company also authorizes Bank to collect any <br />unendorsed Item that is made payable to Company without first supplying <br />Company’s endorsement, provided the Item was deposited to Company’s <br />Account. Bank may refuse to pay any Item or accept any Item for deposit or <br />collection unless Bank is able to verify to its satisfaction that all of the <br />necessary endorsements are present on the Item. For example, Bank may <br />require that all endorsers be present at the time that an Item is presented to <br />Bank for payment or accepted for deposit or collection. <br /> <br />Material Appearing on the Back of Paper Items; Legends on Paper Items. <br />Company is responsible for losses incurred by any person that cashes or <br />accepts Company’s Paper Items for deposit, if: (i) the loss is due to a delay in <br />the return of the Item; and (ii) the delay is caused by material appearing on <br />the back of the Item when it was issued or transferred by Company. This <br />material may include, but is not limited to, carbon bands, blacked out areas, <br />and printed or written text or numbers. Company is responsible for all <br />losses, claims, damages or expenses that result from a restrictive legend or <br />notation on Company’s Paper Items. <br /> <br />Breach of Warranties. <br />If Company breaches any warranty Company makes under the laws <br />governing this Agreement or rule with respect to any Item, Company shall <br />not be released or otherwise discharged from any liability for such breach so <br />long as Bank notifies Company of the breach within 120 days after Bank <br />learns of the breach. If Bank fails to notify Company within this 120-day <br />6.1.D. - Page 61