Before Check 21, a bank had to present the original paper check to the paying bank unless the paying bank had agreed to accept presentment of the check electronically. While Check 21 did not mandate the electronic processing or presentment of checks, it did authorize a new negotiable instrument, called a substitute check, which is the legal equivalent of the original check.
In the manufacturing sectors more severely hit by the crisis, the most resilient firms have been those that have been capable of shifting their sales to the most dynamic emerging markets, and those with a high degree of market power warranted by their ability to innovate and satisfy their customers’ needs.