Section 200A:6B - Traveler's checks and other written instruments; presumption of abandonment(a) Subject to subsection (b) of this section and section 1A, a sum payable on a certified check, draft, cashier's check, treasurer's check, registered check or other similar written instrument, other than a third-party bank check, on which a person is directly liable shall be presumed abandoned under this section if it has been outstanding for more than 3 years from the date it was payable, or from the date of its issuance if payable on demand or, in the case of a traveler's checks, has been outstanding for more than 15 years or, in the case of a money order, has been outstanding for more than 7 years from the date of its issuance, unless the owner has within 3 years, or within 15 years in the case of a traveler's checks, or within 7 years in the case of a money order, corresponded in writing with the person concerning it, or otherwise indicated an interest as evidenced by a memorandum on file with the person. A new person shall be directly liable if it is the actual holder of the fund representing the face amount of such instrument at the time of presumed abandonment under this section.(b) Any sum payable on a money order, traveler's check, certified check, draft, cashier's check, treasurer's check, or other similar written instrument, other than a third-party bank check, on which a person is directly liable is presumed abandoned if: (1) the books and records of such person show that such money order, certified check, registered check, draft, cashier's check, treasurer's check, traveler's check, or similar written instrument was purchased in the commonwealth;(2) the person has its principal place of business in this commonwealth and its books and records do not show the state in which such money order, certified check, draft, cashier's check, treasurer's check, traveler's check, or similar written instrument was purchased; or(3) the person has its principal place of business in the commonwealth and its books and records show the state in which such certified check, registered check, draft, cashier's check, treasurer's check, money order, traveler's check, or similar written instrument was purchased, and the laws of the state of purchase do not provide for the escheat or custodial taking of the sum payable on such instrument.(c) Notwithstanding the provisions of subsection (b) this section shall apply to sums payable on certified checks, drafts, cashier's checks, treasurer's checks, money orders, traveler's checks, registered checks and similar written instruments deemed abandoned on or after February first, nineteen hundred and sixty-five, except to the extent that such sums have been paid over to a state prior to January first, nineteen hundred and seventy-four. For the purposes of this subsection, the words "deemed abandoned" shall have the same meaning as those words have as used in an Act of Congress identified in Section 604 of Public Law 93-495 and approved on October twenty-eighth, nineteen hundred and seventy-four, (88th Statutes at Large 1500).(d) Sums payable on certified checks, drafts, cashier's checks, treasurer's checks, money orders, traveler's checks, and similar written instruments deemed abandoned prior to February first, nineteen hundred and sixty-five, shall be reportable pursuant to subsection (a).Mass. Gen. Laws ch. 200A, § 6B
Amended with no change by Acts 2003, c. 8, § 1, eff. 3/31/2003.Amended by Acts 2002, c. 510, § 5, eff. 6/1/2003.