§ 34-24-105 — Traveler's checks and money orders

Wyoming § 34-24-105

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 24: UNIFORM UNCLAIMED PROPERTY ACT

Text

(a) Subject to subsection (d) of this section, any sum
payable on a traveler's check that has been outstanding for more
than fifteen (15) years after its issuance is deemed abandoned
unless the owner, within fifteen (15) years, has communicated in
writing with the issuer concerning it or otherwise indicated an
interest as evidenced by a memorandum or other record on file
prepared by an employee of the issuer.
(b) Subject to subsection (d) of this section, any sum
payable on a money order that has been outstanding for more than
seven (7) years after its issuance is deemed abandoned unless
the owner, within seven (7) years, has communicated in writing
with the issuer concerning it or otherwise indicated an interest
as evidenced by a memorandum or other record on file prepared by
an employee of the issuer.
(c) A holder may not deduct from the amount of a
traveler's check or money order 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 issuer
and the owner of the instrument pursuant to which the issuer may
impose a charge and the issuer regularly imposes such charges
and does not regularly reverse or otherwise cancel them.
(d) No sum payable on a traveler's check or money order
described in subsections (a) and (b) of this section may be
subjected to the custody of this state as unclaimed property
unless:
(i) The records of the issuer show that the
traveler's check or money order was purchased in this state;
(ii) The issuer has its principal place of business
in this state and the records of the issuer do not show the
state in which the traveler's check or money order was
purchased; or
(iii) The issuer has its principal place of business
in this state, the records of the issuer show the state in which
the traveler's check or money order was purchased, and the laws
of the state of purchase do not provide for the escheat or
custodial taking of the property or its escheat or unclaimed
property law is not applicable to the property.
(e) Notwithstanding any other provision of this act,
subsection (d) of this section applies to sums payable on
traveler's checks or money orders deemed abandoned on the
effective date of this act.
(f) As used in this section, "money order" means a money
order issued by a business association and includes a personal
money order or other similar instrument issued by a banking or
financial organization, but not a bank money order, which is
deemed a cashier's check.