MINDTAP BUSINESS LAW FOR MANN/ROBERTS S
17th Edition
ISBN: 9781337094498
Author: Roberts
Publisher: IACCENGAGE
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Chapter 4, Problem 15CP
Summary Introduction
Case summary:
Company A sells traveller’s cheques (TC) to customers upon contract that company A has the right to use or invest funds from selling TC s until the customers redeem the cheques. Funds from selling traveller’s cheques comes under unclaimed property according to the laws and therefore, the company A sends the funds to government treasury with the TC details and when a particular cheque is cashed, company A reclaims the funds from treasury with interest. Recently, government of state N passed an amendment into the laws governing unclaimed property reducing the abandonment period of cheques from 15 years to 3 years. Company A challenged the constitutionality of the amendment.
To discuss: If the amendment violates the Due Process Clause, Contract Clause, Takings clause and, Commerce Clause.
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