Bill No.: SF0068                  Drafter:  MRW

LSO No.:  07LSO-0451              Effective Date:  7/1/2007

Enrolled Act No.:  SEA0033

Chapter No.:

Prime Sponsor:     Senator Schiffer

Catch Title:       Enforcement of cashier's checks.

Subject:  Dealing with lost, destroyed or stolen cashier's checks, teller's checks or certified checks.

Summary/Major Elements:

• Adopts uniform statutory provisions governing transactions involving lost, destroyed or stolen cashier's checks, teller's checks or certified checks.

• Provides a process to assert a claim to the obligated bank describing the check and requesting payment if:
• The claimant is the drawer, payee, or remitter of the check.
• The claim is accompanied by a declaration of the loss.
• The claim is received at a time and in a manner to give the bank a reasonable time to act before the check is paid.
• the claimant provides reasonable identification if requested by the bank.

• Provides for the time when the claim is enforceable.

• Provides that if the bank pays the amount of a check and the check is presented for payment by a person having rights to the check, the claimant must refund payment to the bank or pay the amount of the check to the person holding rights to the check.