§ 33-21.1-5 - Checks, drafts and similar instruments issued or certified by banking and financial organizations. - Rhode Island Statutes

SECTION 33-21.1-5

   § 33-21.1-5  Checks, drafts and similarinstruments issued or certified by banking and financial organizations. –(a) Any sum payable on a check, draft, or similar instrument, except thosesubject to § 33-21.1-4, on which a banking or financial organization isdirectly liable, including a cashier's check and a certified check, which hasbeen outstanding for more than three (3) years after it was payable or afterits issuance if payable on demand, is presumed abandoned, unless the owner,within three (3) years, has communicated in writing with the banking orfinancial organization concerning it or otherwise indicated an interest asevidenced by a memorandum or other record on file prepared by an employeethereof.

   (b) A holder may not deduct from the amount of any instrumentsubject to this section any charge imposed by reason of the failure to presentthe instrument for payment unless there is a valid and enforceable writtencontract between the holder and the owner of the instrument pursuant to whichthe holder may impose a charge, and the holder regularly imposes the chargesand does not regularly reverse or otherwise cancel them.