67-4a-202 - Traveler's checks and money orders. - Utah Statutes

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67-4a-202. Traveler's checks and money orders.
(1) Except as provided in Subsection (4), any sum payable on a traveler's check that hasbeen outstanding for more than 15 years after its issuance is considered abandoned unless theowner, within the 15 years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record on file preparedby an employee of the issuer.
(2) Except as provided in Subsection (4), any sum payable on a money order that hasbeen outstanding for more than seven years after its issuance is considered abandoned unless theowner, within the seven years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record on file preparedby an employee of the issuer.
(3) A holder may not deduct from the amount of a traveler's check or money order anycharge 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 ofthe instrument that authorizes the issuer to impose a charge; and
(b) the issuer regularly imposes those charges and does not regularly reverse or otherwisecancel them.
(4) The state may not claim custody of a sum payable on a traveler's check or moneyorder described in Subsections (1) and (2) as unclaimed property unless:
(a) the records of the issuer show that the traveler's check or money order was purchasedin Utah;
(b) the issuer has its principal place of business in Utah and the records of the issuer donot show the state in which the traveler's check or money order was purchased; or
(c) the issuer has its principal place of business in Utah, the records of the issuer show thestate in which the traveler's check or money order was purchased, and the laws of the state ofpurchase do not provide for the escheat or custodial taking of the property or its escheat orunclaimed property law is not applicable to the property.
(5) Notwithstanding any other provision of this chapter, Subsection (4) applies to sumspayable on traveler's checks or money orders considered abandoned on or after May 2, 1994.

Enacted by Chapter 198, 1995 General Session

State Codes and Statutes

Statutes > Utah > Title-67 > Chapter-04a > 67-4a-202

67-4a-202. Traveler's checks and money orders.
(1) Except as provided in Subsection (4), any sum payable on a traveler's check that hasbeen outstanding for more than 15 years after its issuance is considered abandoned unless theowner, within the 15 years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record on file preparedby an employee of the issuer.
(2) Except as provided in Subsection (4), any sum payable on a money order that hasbeen outstanding for more than seven years after its issuance is considered abandoned unless theowner, within the seven years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record on file preparedby an employee of the issuer.
(3) A holder may not deduct from the amount of a traveler's check or money order anycharge 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 ofthe instrument that authorizes the issuer to impose a charge; and
(b) the issuer regularly imposes those charges and does not regularly reverse or otherwisecancel them.
(4) The state may not claim custody of a sum payable on a traveler's check or moneyorder described in Subsections (1) and (2) as unclaimed property unless:
(a) the records of the issuer show that the traveler's check or money order was purchasedin Utah;
(b) the issuer has its principal place of business in Utah and the records of the issuer donot show the state in which the traveler's check or money order was purchased; or
(c) the issuer has its principal place of business in Utah, the records of the issuer show thestate in which the traveler's check or money order was purchased, and the laws of the state ofpurchase do not provide for the escheat or custodial taking of the property or its escheat orunclaimed property law is not applicable to the property.
(5) Notwithstanding any other provision of this chapter, Subsection (4) applies to sumspayable on traveler's checks or money orders considered abandoned on or after May 2, 1994.

Enacted by Chapter 198, 1995 General Session

State Codes and Statutes

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State Codes and Statutes

Statutes > Utah > Title-67 > Chapter-04a > 67-4a-202

67-4a-202. Traveler's checks and money orders.
(1) Except as provided in Subsection (4), any sum payable on a traveler's check that hasbeen outstanding for more than 15 years after its issuance is considered abandoned unless theowner, within the 15 years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record on file preparedby an employee of the issuer.
(2) Except as provided in Subsection (4), any sum payable on a money order that hasbeen outstanding for more than seven years after its issuance is considered abandoned unless theowner, within the seven years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record on file preparedby an employee of the issuer.
(3) A holder may not deduct from the amount of a traveler's check or money order anycharge 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 ofthe instrument that authorizes the issuer to impose a charge; and
(b) the issuer regularly imposes those charges and does not regularly reverse or otherwisecancel them.
(4) The state may not claim custody of a sum payable on a traveler's check or moneyorder described in Subsections (1) and (2) as unclaimed property unless:
(a) the records of the issuer show that the traveler's check or money order was purchasedin Utah;
(b) the issuer has its principal place of business in Utah and the records of the issuer donot show the state in which the traveler's check or money order was purchased; or
(c) the issuer has its principal place of business in Utah, the records of the issuer show thestate in which the traveler's check or money order was purchased, and the laws of the state ofpurchase do not provide for the escheat or custodial taking of the property or its escheat orunclaimed property law is not applicable to the property.
(5) Notwithstanding any other provision of this chapter, Subsection (4) applies to sumspayable on traveler's checks or money orders considered abandoned on or after May 2, 1994.

Enacted by Chapter 198, 1995 General Session