Reporting Owner-Escheating Outstanding Cashier's

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Question:

When escheating outstanding cashier's checks, who do we report as the owner? The person buying the check, or the person to whom the check was made payable to? It would seem that the payee is the owner of the funds. However, we do not obtain personal information about the payee that is needed for MD report.

Answer:

Look to state law and any regulations or instructions issued by the office or agency charged with accepting and managing the funds.

First published on BankersOnline.com 1/14/13