(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
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(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) ninety (90) days after the date of the
check, in the case of a cashier's check or teller's check, or ninety
(90) days after the date of the acceptance, in the case of a certified
check.
(2) Until the claim becomes enforceable, the claim 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.
(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 IC 26-1-4-302(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 the 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 IC 26-1-3.1-309.