(a) A gift certificate or a credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.
(b) In the case of a gift certificate, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.
Section: Previous 44-12-198 44-12-199 44-12-200 44-12-201 44-12-202 44-12-203 44-12-204 44-12-205 44-12-206 44-12-207 44-12-208 44-12-209 44-12-210 44-12-211 44-12-212 NextLast modified: October 14, 2016