All checks, vouchers or warrants heretofore or hereafter issued by the Commissioners of the Land Office in payment of any obligation of the state which shall for any cause remain unpaid and outstanding for a period of three (3) years shall be canceled. Where the identity of the account originally charged cannot now be ascertained, the amount of such cancellation shall revert to and be credited to the common school fund of the state. Where the account originally charged can be identified the cancellation shall have the effect of restoring to the account the amount theretofore charged.