14-514. GIFT CERTIFICATES AND CREDIT MEMOS. (1) A gift certificate without an expiration date prominently displayed on its face or a credit memo issued in the ordinary course of an issuer’s business which remains unclaimed by the owner for more than five (5) years after becoming payable or distributable is presumed abandoned.
(2) In the case of a gift certificate without an expiration date prominently displayed on its face, 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.
History:
[14-514, added 1983, ch. 209, sec. 2, p. 572; am. 1997, ch. 399, sec. 7, p. 1267.]