South Dakota § 43-41B-5 Checks, drafts and similar instruments issued or certified by banking and financial organizations.

South Dakota Statutes

§ 43-41B-5 — Checks, drafts and similar instruments issued or certified by banking and financial organizations.

South Dakota·Title 43 PROPERTY·Ch. 43-41A UNIFORM UNCLAIMED PROPERTY ACT

(a)Any sum payable on a check, draft, or similar instrument, except those subject to § 43-41B-4 , on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which has been outstanding for more than three years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within three years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof.

(b)A holder may not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enfo

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(a) Any sum payable on a check, draft, or similar instrument, except those subject to § 43-41B-4 , on which a banking or financial organization is directly liable, including a cashier's check and a certified check, which has been outstanding for more than three years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within three years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee thereof. (b) A holder may not deduct from the amount of any instrument subject to this section any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the holder and the owner of the instrument pursuant to which the holder may impose a charge, and the holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.

South Dakota § 43-41B-5 (Checks, drafts and similar instruments issued or certified by banking and financial organizations.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.