Be it enacted by the Legislature of the State of Arizona:
Section 1. Title 47, chapter 3, article 3, Arizona Revised Statutes, is amended by adding 47-3312, to read:
START_STATUTE47-3312. Lost, destroyed or stolen cashier's
check, teller's check or certified check
A.
In this section:
1. "Check"
means a cashier's check, teller's check or certified check.
2. "Claimant"
means a person who claims the right to receive the amount of a cashier's check, teller's check or certified check that was lost,
destroyed or stolen.
3. "Declaration
of loss" means a written statement, made under penalty of perjury, to the
effect that all of the following:
(a) The declarer lost possession of
a check.
(b) The declarer is the drawer or
payee of the check, in the case of a certified check, or the remitter or payee
of the check, in the case of a cashier's check or teller's check.
(c) The loss of possession was not
the result of a transfer by the declarer or a lawful seizure.
(d) The declarer cannot reasonably
obtain possession of the check because the check was destroyed, its whereabouts
cannot be determined or it is in the wrongful possession of an unknown person
or a person that cannot be found or is not amenable to service of process.
4. "Obligated
bank" means the issuer of a cashier's check or teller's check or the acceptor of a certified check.
B. A
claimant may assert a claim to the amount of a check by a communication to the
obligated bank describing the check with reasonable certainty and requesting
payment of the amount of the check, if all of the following:
1. The
claimant is the drawer or payee of a certified check or the remitter or payee
of a cashier's check or teller's check.
2. The communication
contains or is accompanied by a declaration of loss of the claimant with
respect to the check.
3. The
communication is received at a time and in a manner affording the bank a
reasonable time to act on it before the check is paid.
4. The claimant
provides reasonable identification if requested by the obligated bank.
C. Delivery
of a declaration of loss is a warranty of the truth of the statements made in
the declaration. If a claim is asserted in compliance with subsection B of
this section, the following rules apply:
1. The claim
becomes enforceable at the later of either of the following:
(a) The time the claim is asserted.
(b) The ninetieth day following the
date of the check, in the case of a cashier's check or teller's check, or the ninetieth day
following the date of the acceptance, in the case of a certified check.
2. Until the
claim becomes enforceable, it has no legal effect and the obligated bank may
pay the check or, in the case of a teller's check, may permit the drawee to pay
the check. Payment to a person entitled to enforce the check discharges all
liability of the obligated bank with respect to the check.
3. If the
claim becomes enforceable before the check is presented for payment, the
obligated bank is not obliged to pay the check.
4. When the
claim becomes enforceable, the obligated bank becomes obliged to pay the amount
of the check to the claimant if payment of the check has not been made to a
person entitled to enforce the check. Subject to section 47‑4302, subsection A, paragraph 1, payment to the
claimant discharges all liability of the obligated bank with respect to the
check.
D. If the
obligated bank pays the amount of a check to a claimant under subsection C,
paragraph 4 of this section and the check is presented for payment by a person
having rights of a holder in due course, the claimant is obliged to either:
1. Refund
the payment to the obligated bank if the check is paid.
2. Pay the
amount of the check to the person having rights of a holder in due course if
the check is dishonored.
E. If a
claimant has the right to assert a claim under subsection B of this section and
is also a person entitled to enforce a cashier's check, teller's check or certified
check which is lost, destroyed or stolen, the claimant may assert rights with
respect to the check either under this section or section 47-3309. END_STATUTE