                                 CODE OF VIRGINIA

CHECKS, DRAFTS, AND SIMILAR INSTRUMENTS ISSUED OR CERTIFIED BY BANKING AND
FINANCIAL ORGANIZATIONS (§ 55.1-2505)

Any sum payable on a check, draft, or similar instrument, except money orders,
traveler&#8217;s checks, and other similar instruments subject to § 55.1-2504,
on which a banking or financial organization is directly liable, including
cashier&#8217;s checks and certified checks, that has been outstanding for more
than five years after it was payable, or after its issuance if payable on
demand, is presumed abandoned unless the owner, within five years, has
communicated in writing with the banking or financial organization concerning it
or otherwise indicated an interest as evidenced by a memorandum or other record
on file prepared by an employee of the banking or financial organization.
		A holder may not deduct from the amount of any instrument subject to this
section any charges imposed by reason of the failure to present the instrument
for payment unless there is a valid and enforceable written contract between the
holder and the owner of the instrument pursuant to which the holder may impose
those charges and the holder regularly imposes those charges and does not
regularly reverse or otherwise cancel those charges with respect to such
instruments.

HISTORY: 1984, c. 121, § 55-210.3:2; 1985, c. 294; 2019, c. 712.