Page:United States Statutes at Large Volume 101 Part 1.djvu/688

 101 STAT. 658

PUBLIC LAW 100-86—AUG. 10, 1987

SEC. 1002. TIME LIMIT ON PAYMENT OF TREASURY CHECKS.

Section 3328 of title 31, United States Code, is amended— (1) by striking out subsection (a) and inserting in lieu thereof the following: "(a) TIME LIMIT ON TREASURY CHECKS.—

31 USC 3329, 3330.

"(1) IN GENERAL.—Except as provided in sections 3329 and 3330 of this title— "(A) the Secretary shall not be required to pay a Treasury check issued on or after the effective date of this section unless it is negotiated to a financial institution within 12 months after the date on which the check was issued; and "(B) the Secretary shall not be required to pay a Treasury check issued before the effective date of this section unless it is negotiated to a financial institution within 12 months -* after such effective date. "(2) DEFERRAL PENDING SETTLEMENT.—Notwithstanding

the

time limitations imposed by paragraph (1), if the Secretary is on notice of a question of law or fact about whether a Treasury check is properly payable when the check is presented for payment, the Secretary may defer payment on such check until the Comptroller General settles the question. 7 "(3) Nothing in this subsection shall be construed to affect the . « underlying obligation of the United States, or any agency thereof, for which a Treasury check was issued."; and (2) by adding at the end thereof the following: "(f) AUTHORITY TO DECUNE PAYMENT.—Nothing in this section limits the authority of the Secretary to decline payment of a Treasury check after first examination thereof at the Treasury.". SEC. 1003. CANCELLATION OF TREASURY CHECKS.

Chapter 33 of title 31, United States Code, is amended by adding at the end of subchapter II the following new section: "§ 3334. Cancellation and proceeds distribution of Treasury checks "(a) IN GENERAL.—(1) The Secretary shall provide monthly to each agency that authorizes the issuance of Treasury checks a list of those checks issued for such agency on or after such effective date that have not been paid and have become more than 12 months old during the preceding month, bejginning with the fourteenth month following the effective date of this section. "(2) Such checks shall be canceled by the Secretary and the proceeds thereof shall be returned to the agency concerned and credited to the appropriation or fund account initially charged for thepa5mient. "(b) CHECKS ISSUED BEFORE EFFECTIVE DATE.—(1) Not later than 18 months after the effective date of this section, the Secretary shall identify and cancel all Treasury checks issued before such effective date that have not been paid in accordance with section 3328 of this title. "(2) The proceeds from checks canceled pursuant to paragraph (1) shall be applied to eliminate the balances in accounts that represent uncollectible accounts receivable and other costs associated with the payment of checks and check claims by the Department of the Treasury on behalf of all payment certifying agencies. Any remaining proceeds shall be deposited to the miscellaneous receipts of the Treasury. . • -^....

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