(a) In this section, “obligated bank” means the acceptor of a certified check or the issuer of a cashier's check or teller's check bought from the issuer.
(b) If the obligated bank wrongfully (i) refuses to pay a cashier's check or certified check, (ii) stops payment of a teller's check, or (iii) refuses to pay a dishonored teller's check, the person asserting the right to enforce the check is entitled to compensation for expenses and loss of interest resulting from the nonpayment and may recover consequential damages if the obligated bank refuses to pay within a reasonable time after receiving written notice of particular circumstances giving rise to the damages.
(c) Expenses or consequential damages under subsection (b) are not recoverable if the refusal of the obligated bank to pay occurs or a stop-payment order on a teller's check is issued because (i) the bank suspends payments, (ii) the obligated bank asserts a claim or defense of the bank that it has reasonable grounds to believe is available against the person entitled to enforce the instrument, (iii) the obligated bank has a reasonable doubt whether the person demanding payment is the person entitled to enforce the instrument, or (iv) payment is prohibited by law. For the purposes of this subsection:
(1) If the obligated bank has in good faith refused or stopped payment on the basis of a declaration of loss under § 47-3-312, the obligated bank shall be deemed to have a reasonable doubt whether the person demanding payment is the person entitled to enforce the instrument.
(2) If the instrument was obtained from the obligated bank by fraud, that is a defense the obligated bank has reasonable grounds to believe is available against the person entitled to enforce the instrument.
(d) If a certified check is presented within thirty (30) days of its certification, or if a teller's check purchased by a remitter or a cashier's check is presented for payment within thirty (30) days of its issuance, and if the instrument is dishonored, the obligated bank may not assert a defense on the instrument under § 47-3-305(a)(2) or a claim in recoupment under § 47-3-305(a)(3), unless the instrument was obtained from the obligated bank by fraud.
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