43-41B-15 Gift certificates and credit memos.
Gift certificates and credit memos.
(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
three 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.
Source: SL 1992, ch 312, § 14; SL 2012, ch 209, § 8.