South Dakota Codified Laws 43-41B-5. Checks, drafts and similar instruments issued or certified by banking and financialorganizations
(a) Any sum payable on a check, draft, or similar instrument, except those subject to § 43-41B-4, on which a banking or financial organization is directly liable, including a cashier’s check and a certified check, which has been outstanding for more than three years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within three 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 thereof.
(b) A holder may not deduct from the amount of any instrument subject to this section any charge 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 a charge, and the holder regularly imposes such charges and does not regularly reverse or otherwise cancel them.
Terms Used In South Dakota Codified Laws 43-41B-5
- Contract: A legal written agreement that becomes binding when signed.
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
Source: SL 1992, ch 312, § 5; SL 2012, ch 209, § 3.