55-210.3:02 - Travelers' checks and money orders
§ 55-210.3:02. Travelers' checks and money orders.
Except as otherwise provided in this section, any sum payable on a traveler'scheck that has been outstanding for more than fifteen years after itsissuance is presumed abandoned unless the owner, within fifteen years, hascommunicated in writing with the issuer concerning it or otherwise indicatedan interest as evidenced by a memorandum or other record on file prepared byan employee of the issuer.
Except as otherwise provided in this section, any sum payable on a moneyorder or similar written instrument, other than a third-party bank check,that has been outstanding for more than seven years after its issuance ispresumed abandoned unless the owner, within seven years, has communicated inwriting with the issuer concerning it or otherwise indicated an interest asevidenced by a memorandum or other record on file prepared by an employee ofthe issuer.
No holder may deduct from the amount of any traveler's check or money orderany charges imposed by reason of the failure to present those instruments forpayment unless there is a valid and enforceable written contract between theissuer and the owner of the property pursuant to which the issuer may imposethose charges and the issuer regularly imposes those charges and does notregularly reverse or otherwise cancel those charges with respect to suchproperty.
Any sum payable on a traveler's check, money order, or similar writteninstrument, other than a third-party bank check, described in this sectionmay not be subjected to the custody of this Commonwealth as unclaimedproperty unless:
1. The records of the issuer show that the traveler's check, money order, orsimilar written instrument was purchased in this Commonwealth;
2. The issuer has its principal place of business in this Commonwealth andthe records of the issuer do not show the state in which the traveler'scheck, money order, or similar written instrument was purchased; or
3. The issuer has its principal place of business in this Commonwealth, therecords of the issuer show the state in which the traveler's check, moneyorder, or similar written instrument was purchased and the laws of the stateof purchase do not provide for the escheat or custodial taking of theproperty or its escheat or unclaimed property law is not applicable to theproperty.
Notwithstanding any other provision of this chapter, the provisions of thepreceding paragraph relating to the requirements for subjecting certainwritten instruments to the custody of the Commonwealth apply to sums payableon travelers' checks, money orders, and similar written instruments presumedabandoned on or after February 1, 1965, except to the extent that those sumshave been paid over to a state prior to January 1, 1974.
(1984, c. 121.)