A Reserve Bank makes the following warranties when it handles ___________:

"¢ For all items, the Reserve Bank warrants that the returned checks bear all endorsements by all parties that previously handled the checks

"¢ For all electronic items, the Reserve Bank warrants all of the

"¢ Regulation CC warranties as though they were paper checks

"¢ For electronic items that are not representations of substitute checks, the Reserve Bank warrants the following to the bank to which it sends the item:

(a) The electronic portion of the item accurately represents all of the information on the front and back of the check as of the time the check was truncated

(b) All MICR line information is contained on the item

(c) The item conforms to the technical standards set forth in the operating circular

(d) No person will receive a transfer, presentment, or return, or otherwise be charged for the item such that the person will be asked to make payment based on an item he or she has already paid