400.3-312. Lost, destroyed or stolen cashier's check, teller's check or certified check. - Missouri Statutes

Lost, destroyed or stolen cashier's check, teller's check orcertified check.

400.3-312. (a) In this section the following shall mean:

(1) "Check", a cashier's check, teller's check, or certified check;

(2) "Claimant", a person who claims the right to receive the amountof a cashier's check, teller's check, or certified check that was lost,destroyed, or stolen;

(3) "Declaration of loss", a written statement, made under penalty ofperjury, 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 acertified check, or the remitter or payee of the check, in the case of acashier's check or teller's check; (iii) the loss of possession was not theresult of a transfer by the declarer or a lawful seizure; and (iv) thedeclarer cannot reasonably obtain possession of the check because the checkwas destroyed, its whereabouts cannot be determined, or it is in thewrongful possession of an unknown person or a person that cannot be foundor is not amenable to service of process;

(4) "Obligated bank", the issuer of a cashier's check or teller'scheck or the acceptor of a certified check.

(b) A claimant may assert a claim to the amount of a check by acommunication to the obligated bank describing the check with reasonablecertainty and requesting payment of the amount of the check, if: (i) theclaimant is the drawer or payee of a certified check or the remitter orpayee of a cashier's check or teller's check; (ii) the communicationcontains or is accompanied by a declaration of loss of the claimant withrespect to the check; (iii) the communication is received at a time and ina manner affording the bank a reasonable time to act on it before the checkis paid; and (iv) the claimant provides reasonable identification ifrequested by the obligated bank. Delivery of a declaration of loss is awarranty of the truth of the statement made in the declaration. If a claimis asserted in compliance with this subsection, the following rules apply:

(1) The claim becomes enforceable at the later of: (i) the time theclaim is asserted; or (ii) the ninetieth day following the date of thecheck, in the case of a cashier's check or teller's check, or the ninetiethday following the date of the acceptance, in the case of a certified check;

(2) Until the claim becomes enforceable it has no legal effect andthe obligated bank may pay the check or, in the case of teller's check, maypermit the drawee to pay the check. Payment to a person entitled toenforce the check discharges all liability of the obligated bank withrespect to the check;

(3) If the claim becomes enforceable before the check is presentedfor payment, the obligated bank is not obliged to pay the check;

(4) When the claim becomes enforceable, the obligated bank becomesobliged to pay the amount of the check to the claimant if payment of thecheck has not been made to a person entitled to enforce the check. Subjectto section 400.4-302(a)(1), payment to the claimant discharges allliability of the obligated bank with respect to the check.

(c) If the obligated bank pays the amount of a check to a claimantunder subsection (b)(4) and the check is presented for payment by a personhaving 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) paythe amount of the check to the person having rights of a holder in duecourse 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'scheck, or certified check that is lost, destroyed, or stolen, the claimantmay assert rights with respect to the check either under this section orsection 400.3-309.

(L. 1998 S.B. 792, A.L. 1999 S.B. 386, A.L. 2000 S.B. 896)