8.3A-312 - A-312. Lost, destroyed, or stolen cashier's check, teller's check, or certified check.
§ 8.3A-312. Lost, destroyed, or stolen cashier's check, teller's check, orcertified check.
(a) In this section:
(1) "Check" means a cashier's check, teller's check, or certified check.
(2) "Claimant" means a person who claims the right to receive the amount ofa cashier's check, teller's check, or certified check that was lost,destroyed, or stolen.
(3) "Declaration of loss" means a written statement, made under penalty ofperjury, to the effect that (i) the declarer lost possession of a check, (ii)the declarer is the drawer or payee of the check, in the case of a certifiedcheck, or the remitter or payee of the check, in the case of a cashier'scheck or teller's check, (iii) the loss of possession was not the result of atransfer by the declarer or a lawful seizure, and (iv) the declarer cannotreasonably obtain possession of the check because the check was destroyed,its whereabouts cannot be determined, or it is in the wrongful possession ofan unknown person or a person that cannot be found or is not amenable toservice of process.
(4) "Obligated bank" means the issuer of a cashier's check or teller'scheck or the acceptor of a certified check.
(b) A claimant may assert a claim to the amount of a check by a communicationto the obligated bank describing the check with reasonable certainty andrequesting payment of the amount of the check, if (i) the claimant is thedrawer or payee of a certified check or the remitter or payee of a cashier'scheck or teller's check, (ii) the communication contains or is accompanied bya declaration of loss of the claimant with respect to the check, (iii) thecommunication is received at a time and in a manner affording the bank areasonable time to act on it before the check is paid, and (iv) the claimantprovides reasonable identification if requested by the obligated bank.Delivery of a declaration of loss is a warranty of the truth of thestatements made in the declaration. If a claim is asserted in compliancewith this subsection, the following rules apply:
(1) The claim becomes enforceable at the later of (i) the time the claim isasserted, or (ii) the ninetieth day following the date of the check, in thecase of a cashier's check or teller's check, or the ninetieth day followingthe date of the acceptance, in the case of a certified check.
(2) Until the claim becomes enforceable, it has no legal effect and theobligated bank may pay the check or, in the case of a teller's check, maypermit the drawee to pay the check. Payment to a person entitled to enforcethe check discharges all liability of the obligated bank with respect to thecheck.
(3) If the claim becomes enforceable before the check is presented forpayment, the obligated bank is not obliged to pay the check.
(4) When the claim becomes enforceable, the obligated bank becomes obliged topay the amount of the check to the claimant if payment of the check has notbeen made to a person entitled to enforce the check. Subject to § 8.4-302(a) (1), payment to the claimant discharges all liability of the obligatedbank with respect to the check.
(c) If the obligated bank pays the amount of a check to a claimant undersubsection (b) (4) and the check is presented for payment by a person havingrights of a holder in due course, the claimant is obliged to (i) refund thepayment to the obligated bank if the check is paid, or (ii) pay the amount ofthe check to the person having rights of a holder in due course if the checkis dishonored.
(d) If a claimant has the right to assert a claim under subsection (b) and isalso a person entitled to enforce a cashier's check, teller's check, orcertified check which is lost, destroyed, or stolen, the claimant may assertrights with respect to the check either under this section or § 8.3A-309.
(1992, c. 693.)