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U.S. Code as of:
01/19/04
Section 2503. State entitlement to escheat or custody
Where any sum is payable on a money order, traveler's check, or
other similar written instrument (other than a third party bank
check) on which a banking or financial organization or a business
association is directly liable -
(1) if the books and records of such banking or financial
organization or business association show the State in which such
money order, traveler's check, or similar written instrument was
purchased, that State shall be entitled exclusively to escheat or
take custody of the sum payable on such instrument, to the extent
of that State's power under its own laws to escheat or take
custody of such sum;
(2) if the books and records of such banking or financial
organization or business association do not show the State in
which such money order, traveler's check, or similar written
instrument was purchased, the State in which the banking or
financial organization or business association has its principal
place of business shall be entitled to escheat or take custody of
the sum payable on such money order, traveler's check, or similar
written instrument, to the extent of that State's power under its
own laws to escheat or take custody of such sum, until another
State shall demonstrate by written evidence that it is the State
of purchase; or
(3) if the books and records of such banking or financial
organizations or business association show the State in which
such 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, the State in which the banking or financial
organization or business association has its principal place of
business shall be entitled to escheat or take custody of the sum
payable on such money order, traveler's check, or similar written
instrument, to the extent of that State's power under its own
laws to escheat or take custody of such sum, subject to the right
of the State of purchase to recover such sum from the State of
principal place of business if and when the law of the State of
purchase makes provision for escheat or custodial taking of such
sum.
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