§12A-3-312. Lost, Destroyed, or Stolen Cashier's Check, Teller's
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/ok/title-12a-uniform-commercial-code/12a-3-312·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Check, or Certified Check.
LOST, DESTROYED, OR STOLEN CASHIER'S CHECK,
TELLER'S CHECK, OR CERTIFIED CHECK
(a)In this section:
(1)"Check" means a cashier's check, teller's check, or
certified check;
(2)"Claimant" means 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;
(3)"Declaration of loss" means a statement, made in a
record under penalty of perjury, to the effect that
(i)the declarer lost possession of a check,
(ii)the
declarer is the drawer or payee of the check, in the
case of a certified check, or the remitter or payee of
the check, in the case of a cashier's or teller's
check,
(iii)the loss of possession was not the result
of a transfer by the declarer or a lawful seizure, and
(iv)the declarer cannot reasonably obtain possession
of the check because the check was destroyed, its
whereabouts cannot be determined, or it is in the
wrongful possession of an unknown person or a person
that cannot be found or is not amenable to service of
process; and
(4)"Obligated bank" means the issuer of a cashier's check
or a teller's check or the acceptor of a certified
check.
(b)A claimant may assert a claim to the amount of a check by a communication to the obligated bank describing the check with reasonable certainty and requesting payment of the amount of the check, if
(i)the claimant is the drawer or payee of a certified check or the remitter or payee of a cashier's check or teller's check,
(ii)the communication contains or is accompanied by a declaration of loss of the claimant with respect to the check,
(iii)the communication is received at a time and in a manner affording the bank reasonable time to act on it before the check is paid, and
(iv)the claimant provides reasonable identification if requested by the obligated bank. Delivery of a declaration of loss is a warranty of the truth of the statements made in the declaration. If a claim is asserted in compliance with this subsection, the following rules apply:
(1)The claim becomes enforceable at the later of
(i)the
time the claim is asserted, or
(ii)the ninetieth
(90th)day following the date of the check, in the
case of a cashier's check or teller's check, or the
ninetieth
(90th)day following the date of the
acceptance, in the case of a certified check;
(2)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;
(3)If the claim becomes enforceable before the check is
presented for payment, the obligated bank is not
obliged to pay the check; and
(4)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
paragraph
(1)of subsection
(a)of Section 4-302 of
this title, payment to the claimant discharges all
liability of the obligated bank with respect to the
check.
(c)If the obligated bank pays the amount of a check to a claimant under paragraph
(4)of subsection
(b)of this section and the check is presented for payment by a person having rights of a holder in due course, the claimant is obliged to
(i)refund the payment to the obligated bank if the check is paid, or
(ii)pay the amount of the check to the person having rights of a holder in due course if the check is dishonored.
(d)If a claimant has the right to assert a claim under subsection
(b)of this section 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 3-309 of this title. Added by Laws 1991, c. 117, § 63, eff. Jan. 1, 1992. Amended by Laws 2009, c. 208, § 8, eff. Nov. 1, 2009. NOTE: Laws 2008, c. 382, § 8 was held unconstitutional by the Oklahoma Supreme Court in the case of Weddington v. Henry, 202 P.3d 143, 2008 OK 102
(2009)and repealed by Laws 2009, c. 208, § 22, eff. Nov. 1, 2009.