2004 US Code
Title 12 - BANKS AND BANKING
CHAPTER 26 - DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELER'S CHECKS
Sec. 2503 - State entitlement to escheat or custody
View Metadata| Publication Title | United States Code, 2000 Edition, Supplement 4, Title 12 - BANKS AND BANKING |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 12 - BANKS AND BANKING CHAPTER 26 - DISPOSITION OF ABANDONED MONEY ORDERS AND TRAVELER'S CHECKS Sec. 2503 - State entitlement to escheat or custody |
| Contains | section 2503 |
| Date | 2004 |
| Laws in Effect as of Date | January 3, 2005 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 93-495, title VI, §603, Oct. 28, 1974, 88 Stat. 1525. |
| Statutes at Large Reference | 88 Stat. 1525 |
| Public Law Reference | Public Law 93-495 |
§2503. State entitlement to escheat or custody
Where any sum is payable on a money order, traveler's check, or other similar written instrument (other than a third party bank check) on which a banking or financial organization or a business association is directly liable—
(1) if the books and records of such banking or financial organization or business association show the State in which such money order, traveler's check, or similar written instrument was purchased, that State shall be entitled exclusively to escheat or take custody of the sum payable on such instrument, to the extent of that State's power under its own laws to escheat or take custody of such sum;
(2) if the books and records of such banking or financial organization or business association do not show the State in which such money order, traveler's check, or similar written instrument was purchased, the State in which the banking or financial organization or business association has its principal place of business shall be entitled to escheat or take custody of the sum payable on such money order, traveler's check, or similar written instrument, to the extent of that State's power under its own laws to escheat or take custody of such sum, until another State shall demonstrate by written evidence that it is the State of purchase; or
(3) if the books and records of such banking or financial organizations or business association show the State in which such 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, the State in which the banking or financial organization or business association has its principal place of business shall be entitled to escheat or take custody of the sum payable on such money order, traveler's check, or similar written instrument, to the extent of that State's power under its own laws to escheat or take custody of such sum, subject to the right of the State of purchase to recover such sum from the State of principal place of business if and when the law of the State of purchase makes provision for escheat or custodial taking of such sum.
(Pub. L. 93–495, title VI, §603, Oct. 28, 1974, 88 Stat. 1525.)
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