2006 Minnesota Statutes

336.3-312 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 check 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.
(4) "Obligated bank" means the issuer of a cashier's check or 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 a 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
90th day following the date of the check, in the case of a cashier's check or teller's check, or the
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
must 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.
(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 section 336.4-302(a)(1), 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 subsection (b)(4)
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) 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 336.3-309.
History: 1992 c 565 s 40; 2003 c 81 art 1 s 7