Any sum payable on a check, draft, or similar instrument, except money orders, traveler's
checks, and other similar instruments subject to § 55.1-2504, on which a banking or financial organization is directly liable, including cashier'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
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.
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