State Codes and Statutes

State Codes and Statutes

Statutes > Kentucky > 041-00 > 370

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</p> <p>41.370 Check to be presented within one year &#8212; Cancellation and reissue &#8212; Fee.<br /> (1) Any check issued by the State Treasurer shall not be valid as an order for payment<br /> after one (1) year from its date of issue and this limitation shall appear on all checks <br />issued. The State Treasurer is authorized to clear the records of all such unpaid <br />checks and credit the amounts to the fund against which it was originally drawn.<br /> (2) When any properly endorsed check issued by the State Treasurer is presented for<br /> payment more than one (1) year after its date of issue and within the period <br />prescribed by KRS 413.120, the State Treasurer shall, upon satisfactory proof of <br />ownership, cancel the check and forward it to the secretary of the Finance and <br />Administration Cabinet with the date and identifying information which credited the <br />amount of the check to a particular fund. The secretary of the Finance and <br />Administration Cabinet shall draw a warrant against the check. All endorsements on <br />the surrendered check shall have the same effect as if the check were paid by the <br />drawee. All checks paid in the manner herein set forth shall be charged against the <br />fund against which they were originally drawn.<br /> (3) There shall be a fee charged for each check presented for reissue. The fee shall be<br /> twenty-five dollars (&#36;25). If the check to be reissued is less than twenty-five dollars <br />(&#36;25) and replacement is required, a check payable to the Kentucky State Treasurer <br />shall accompany the request for reissue. Reissued checks greater than twenty-five <br />dollars (&#36;25) shall have the fee deducted from the face value of the original check.<br /> (4) Fees collected by the Treasurer shall be deposited in the surplus account of the<br /> general fund.<br /> Effective: July 15, 1998 <br />History: Amended 1998 Ky. Acts ch. 118, sec. 14, effective July 15, 1998. &#8212; Amended<br /> 1992 Ky. Acts ch. 115, sec. 1, effective July 14, 1992. &#8212; Amended 1988 Ky. Acts <br />ch. 74, sec. 2, effective July 15, 1988. &#8212; Amended 1974 Ky. Acts ch. 74, Art. II, <br />sec. 9(2). &#8212; Amended 1972 Ky. Acts ch. 209, sec. 1. &#8212; Created 1948 Ky. Acts <br />ch. 187, sec. 1. </p> <p>