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December 22, 2024 Clear | 16°F
The 193rd General Court of the Commonwealth of Massachusetts

Section 6B: Traveler's checks and other written instruments; presumption of abandonment

Section 6B. (a) Subject to the provisions of section one A and subsection (b) of this section, any sum payable on a certified check, draft, cashier's check, treasurer's check, registered check, money order, traveler's 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 three years from the date it was payable, or from the date of its issuance, if payable on demand, or in the case of traveler's checks has been outstanding for more than fifteen years from the date of its issuance, unless the owner has within three years, or within fifteen years in the case of traveler's checks, 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 is directly liable if it is the actual holder of the fund representing the face amount of any such instrument at the time of presumed abandonment hereunder. Under no circumstance shall the holder of such abandoned instrument assess a fee for the processing of said instrument with the state treasurer in an amount which is in excess of one dollar per instrument.

(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).