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Supreme Court, Ulster County, November 11, 2008
APPEARANCES OF COUNSEL
Moran Karamonzis LLP, Rockville Centre (Siobhan E. Moran of counsel), for defendant. Moran & Gottlieb, Kingston (Andrea Moran of counsel), for plaintiff.
{**23 Misc 3d at 298} OPINION OF THE COURT
Henry F. Zwack, J.
In this case, plaintiff seeks payment of a certificate of deposit issued in 1987 by defendant [*2]KeyBank. Defendant has moved for summary judgment.
On December 18, 1987, defendant issued a certificate of deposit to the order of "Mollie Krawitt ITF Donald Krawitt" for a total of $87,473. The certificate had a stated rate of 7.63%, maturing in 182 days after the date of issuance, and would automatically renew.
On February 8, 1994, Mollie Krawitt died. Her son, plaintiff Donald Krawitt, subsequently discovered a receipt for the subject certificate. In 2006, plaintiff went to one of defendant's branches and presented the receipt for payment of the certificate. Defendant denied payment, indicating it had no record of the certificate. Plaintiff subsequently demanded payment or an accounting of the funds, which resulted in a letter from defendant's Office of Unclaimed Funds. The letter, dated August 29, 2006, stated that the bank had no record that the certificate was cashed or not cashed, but indicated it was not sent to the New York State Office of Unclaimed Funds. Plaintiff subsequently commenced the present action.
Defendant now moves for summary judgment, asserting that a legal presumption that defendant paid out the money is applicable{**23 Misc 3d at 299} and that plaintiff's claim is further barred by the doctrine of laches and by the statute of limitations.
The court will first consider the statute of limitations argument. Defendant argues that the six

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