Sec. 36a-294. (Formerly Sec. 36-114). Loss, theft or destruction of passbooks, certificates or instruments.
Sec. 36a-294. (Formerly Sec. 36-114). Loss, theft or destruction of passbooks,
certificates or instruments. When any passbook, certificate or instrument, negotiable
or nonnegotiable, transferable or nontransferable, issued by a Connecticut bank or Connecticut credit union in connection with a deposit account or share account has been
lost, stolen or destroyed, all persons in whose names such account is held, or their
respective legal representatives, may make written application to such bank or credit
union for either the payment of the balance then due on such account or for the issuance
of a duplicate passbook, certificate or instrument for such account. Such application
shall be signed by each person in whose name such account is then held according to
the records of the bank or credit union, and shall be in such form, together with such
sureties and such reasonable representations, warranties, agreements and indemnifications as are acceptable to such bank or credit union. Upon receipt of such application
and proof satisfactory to it of the identity of the person or persons making such application, such bank or credit union shall, at its option, either pay the balance then due on
such account to such applicant or applicants or issue a duplicate passbook, certificate
or instrument for such account and, upon such payment or issuance, all liability of such
bank or credit union to any person making such application and based on the existence
of the original passbook, certificate or instrument terminates.
(1949 Rev., S. 5834; 1959, P.A. 10; 1967, P.A. 461, S. 37; P.A. 76-174; P.A. 94-122, S. 135, 340; P.A. 02-73, S. 31.)
History: 1959 act added minimum balance provision, changed advertising requirement to two successive weeks and
time allowed for presenting book to one month; 1967 act deleted reference to "savings departments" of state bank and
trust companies; P.A. 76-174 made provisions generally applicable rather than applicable to passbooks with balance of
$25 or more, required that application be signed by each person in whose name the book was issued and deleted requirement
that notice of application be published at least once a week for two weeks in newspaper; P.A. 94-122 expanded the section
to include "certificate or instrument, negotiable or nonnegotiable, transferable or nontransferable", made the procedures
apply to stolen passbooks, certificates or instruments, and allowed banks before issuing such instruments to require reasonable indemnifications, effective January 1, 1995; Sec. 36-114 transferred to Sec. 36a-294 in 1995; P.A. 02-73 added
provisions making section applicable to Connecticut credit unions and share accounts.
Annotation to former section 36-114:
Waiver of provisions of section by bank. 87 C. 347.