§ 3312. Lost, destroyed or stolen cashier's check, teller's check or certified check
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 13 Pa.C.S.A. Commercial Code
13 Pa.C.S.A. § 3312
§ 3312. Lost, destroyed or stolen cashier's check, teller's check or certified check
“Check.” A cashier's check, teller's check or certified check.
“Claimant.” A person who claims the right to receive the amount of a cashier's check, teller's check or certified check that was lost, destroyed or stolen.
“Declaration of loss.” A written statement made under penalty of perjury to the effect that:
“Obligated bank.” The issuer of a cashier's check or teller's check or the acceptor of a certified check.
Delivery of a declaration of loss is a warranty of the truth of the statements made in the declaration.
(ii) Until the claim becomes enforceable, it has no legal effect and the obligated bank may pay the check or, in the case of a teller's check, may permit the drawee to pay the check. Payment to a person entitled to enforce the check discharges all liability of the obligated bank with respect to the check.
(iv) When the claim becomes enforceable, the obligated bank becomes obliged to pay the amount of the check to the claimant if payment of the check has not been made to a person entitled to enforce the check. Subject to section 4302(a)(1) (relating to responsibility of payor bank for late return of item), payment to the claimant discharges all liability of the obligated bank with respect to the check.
(d) Claimant remedies.--If a claimant has the right to assert a claim under subsection (b) and is also a person entitled to enforce a cashier's check, teller's check or certified check which is lost, destroyed or stolen, the claimant may assert rights with respect to the check either under this section or section 3309 (relating to enforcement of lost, destroyed or stolen instrument).
Credits
1996, May 22, P.L. 248, No. 44, § 5, effective in 180 days.
13 Pa.C.S.A. § 3312, PA ST 13 Pa.C.S.A. § 3312
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
End of Document |