Ask Reggi Your Question Now
Can you summarize KYRS 355.3-312?
Negotiable Instruments > Lost, destroyed, or stolen cashier's check, teller's check, or certified check.
Short Summary
This section of the Kentucky Revised Statutes, specifically under the Uniform Commercial Code and Negotiable Instruments, governs the procedures and rights related to lost, destroyed, or stolen cashier’s checks, teller’s checks, or certified checks. It defines key terms such as ‘check’ (which includes cashier’s checks, teller’s checks, and certified checks), ‘claimant’ (the person claiming the right to receive the amount of the lost, destroyed, or stolen check), ‘declaration of loss’ (a statement made under penalty of perjury regarding the loss of the check), and ‘obligated bank’ (the issuer or acceptor of the check). The section outlines the process for a claimant to assert a claim to the amount of the check, including providing a declaration of loss and reasonable identification. It also establishes the enforceability of the claim, the obligations of the obligated bank, and the responsibilities of the claimant if the check is paid or dishonored. Additionally, it mentions that if a claimant is also a person entitled to enforce the lost, destroyed, or stolen check, they may assert rights under this section or another applicable section. The section does not specify any exemptions or penalties.
Whom does it apply to?
Claimants who have lost, destroyed, or had their cashier's check, teller's check, or certified check stolen
What does it govern?
Lost, destroyed, or stolen cashier's check, teller's check, or certified check
What are exemptions?
No exemptions are mentioned
What are the Penalties?
No penalties are mentioned
Jurisdiction
Kentucky