TIP: The League has updated an important form to accommodate a recent change to Wisconsin law. The Wisconsin Claim and Declaration of Loss for Lost, Stolen, or Destroyed Credit Union Cashier’s Check or Teller’s Check (WCUL #83000, rev. 01/20) is now available for purchase. A sample image may be viewed here.
The new version will be provided today to credit unions with existing subscriptions to form WCUL #83000. Others may purchase and download the form on our website under Solutions > Credit Union Forms. Please address form order questions to Jeff Bonk at 608-640-4053, and questions about completion of the form and compliance to John C. Engel at 608-640-4051.
With proper procedures, using Form WCUL #83000 protects the credit union from liability on its cashier’s or teller’s check while accommodating a remitter or payee who claims that they had possession of the check when it was lost, stolen, or destroyed. The procedures require the credit union to honor the lost, stolen, or destroyed check if presented before the claim becomes enforceable. The form is only for use when the claim on the check is subject to Wisconsin law.
Under a recent change to Wisconsin law, the claim becomes enforceable at the later of:
- The time that the claim is asserted, or
- The 30th day following the date of the check in the case of a cashier’s check or teller’s check.
As in the past:
- Until the claim becomes enforceable as described earlier, it has no legal effect and the credit union may pay a properly presented cashier’s or certified check, or, in the case of a teller’s check, may permit the drawee to pay the check.
- When the claim becomes enforceable, the credit union becomes obliged to pay the person who signed the declaration only if payment of the check has not been made to someone else who was entitled to enforce the check.
- Paying the person who signed the declaration after it becomes enforceable discharges the credit union’s liability for the check. (But if the original check is later presented for payment, the credit union must still be sure to return it by the midnight deadline.)
ii Release No. 0049 – Selected Check / Share Draft Issues Under the UCC, has been updated to reflect the new 30-day time frame and provide further guidance on the use and effect of the form.
Keep in mind that the new 30-day time frame for a declaration of loss will typically apply not only to cashier’s, teller’s and certified checks that that credit union issues, but also to those that they accept for deposit, if the check is subject to Wisconsin law. Credit unions should consider risk controls if they accept such a check for deposit close to, or more than, 30 days after it was issued or certified.
WCUL fillable .pdf forms
Credit unions may use the fillable .pdfs on their desktops or have them mapped to their data processing systems. It is up to the credit union to forward their licensed .pdf files to the data processor, if they choose, for installation and mapping for use on the credit union’s system. Your data processor will not have the forms until you forward them!
Laser forms should be printed and reviewed for proper display. Compare printouts of the installed forms to the final proofs available through the links above.
Please keep in mind that the licenses for WCUL forms permit use of the same .pdf files for manual completion on a desktop. This may be a valuable option during the time it may take for a data processor to map the fields when putting an updated form on the system.
Important reminders
WCUL forms are designed for use with transactions subject to Wisconsin law and applicable federal law.
The forms you use are important legal documents governing your transactions with affected members. Credit unions are responsible for reviewing forms to determine that they are appropriate for the transaction. Users should read and become familiar with the terms of each form they use and how they must be completed for compliance.
By purchasing this form, you agree to the Terms and Conditions of W.C.U.L. Services Corp.