                                 CODE OF VIRGINIA

TRAVELER&#8217;S CHECKS AND MONEY ORDERS (§ 55.1-2504)

A. Except as otherwise provided in this section, any sum payable on a
traveler&#8217;s check that has been outstanding for more than 15 years after
its issuance is presumed abandoned unless the owner, within 15 years, has
communicated in writing with the issuer concerning it or otherwise indicated an
interest as evidenced by a memorandum or other record on file prepared by an
employee of the issuer.
			Except as otherwise provided in this section, any sum payable on a money
order or similar written instrument, other than a third-party bank check, that
has been outstanding for more than seven years after its issuance is presumed
abandoned unless the owner, within seven years, has communicated in writing with
the issuer concerning it or otherwise indicated an interest as evidenced by a
memorandum or other record on file prepared by an employee of the issuer.

B. No holder may deduct from the amount of any traveler&#8217;s check or money
order any charges imposed by reason of the failure to present those instruments
for payment unless (i) there is a valid and enforceable written contract between
the issuer and the owner of the property pursuant to which the issuer may impose
those charges and (ii) the issuer regularly imposes those charges and does not
regularly reverse or otherwise cancel those charges with respect to such
property.

C. Any sum payable on a traveler&#8217;s check, money order, or similar written
instrument, other than a third-party bank check, described in this section shall
not be subjected to the custody of the Commonwealth as unclaimed property
unless:

   1. The records of the issuer show that the traveler&#8217;s check, money
   order, or similar written instrument was purchased in the Commonwealth;

   2. The issuer has its principal place of business in the Commonwealth, and the
   records of the issuer do not show the state in which the traveler&#8217;s
   check, money order, or similar written instrument was purchased; or

   3. The issuer has its principal place of business in the Commonwealth, the
   records of the issuer show the state in which the traveler&#8217;s check,
   money order, 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
   property, or its escheat or unclaimed property law is not applicable to the
   property.

D. Notwithstanding any other provision of this chapter, the provisions of
subsection C relating to the requirements for subjecting certain written
instruments to the custody of the Commonwealth apply to sums payable on
traveler&#8217;s checks, money orders, and similar written instruments presumed
abandoned on or after February 1, 1965, except to the extent that those sums
have been paid over to a state prior to January 1, 1974.

HISTORY: 1984, c. 121, § 55-210.3:02; 2019, c. 712.