67-4a-203. Checks, drafts, and similar instruments issued or certified by banking
and financial organizations.
(1) Any sum payable on a bank draft that has been outstanding for more than three years
after it was payable or after its issuance, if payable on demand, is considered abandoned unless
the owner, within three years, has communicated in writing with the banking or financial
organization concerning it or otherwise indicated an interest as evidenced by a memorandum or
other record on file prepared by an employee of the banking or financial organization.
(2) A holder may not deduct from the amount of a bank draft any charge imposed
because of the failure to present the instrument for payment unless:
(a) there is a valid and enforceable written contract between the issuer and the owner of
the instrument that authorizes the issuer to impose a charge; and
(b) the issuer regularly imposes those charges and does not regularly reverse or otherwise
cancel them.
Amended by Chapter 18, 2007 General Session
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Last revised: Thursday, May 28, 2009