§ 556-2a

556.2A Traveler’s checks and money orders. 1. Subject to subsection 4, any sum payable on a traveler’s check that has been outstanding for more than fifteen years after its issuance is deemed abandoned unless theowner, within fifteen years, has communicated in writing with the issuer concerning it orotherwise indicated an interest as evidenced by a memorandum or other record on fileprepared by an employee of the issuer. 2. Subject to subsection 4, any sum payable on a money order that has been outstanding for more than seven years after its issuance is deemed abandoned unless the owner, withinseven years, has communicated in writing with the issuer concerning it or otherwise indicatedan interest as evidenced by a memorandum or other record on file prepared by an employeeof the issuer. 3. A holder shall not deduct from the amount of a traveler’s check or money order any charge imposed by reason of the failure to present the instrument for payment unless there isa valid and enforceable written contract between the issuer and the owner of the instrumentpursuant to which the issuer may impose a charge and the issuer regularly imposes suchcharges and does not regularly reverse or

able written contract between the issuer and the owner of the instrumentpursuant to which the issuer may impose a charge and the issuer regularly imposes suchcharges and does not regularly reverse or otherwise cancel them. 4. A sum payable on a traveler’s check or money order described in subsection 1 or 2 shall not be subjected to the custody of this state as unclaimed property unless any of the followingapply: a. The records of the issuer show that the traveler’s check or money order was purchased in this state. b. The issuer has its principal place of business in this state and the records of the issuer do not show the state in which the traveler’s check or money order was purchased. c. The issuer has its principal place of business in this state, the records of the issuer show the state in which the traveler’s check or money order was purchased, and the laws of thestate of purchase do not provide for the escheat or custodial taking of the property or itsescheat or unclaimed property law is not applicable to the property. 96 Acts, ch 1173, §4Referred to in §556.2B Sat Dec 23 11:04:21 2023 Iowa Code 2024, Section 556.2A (17, 0)