67-4a-211 (Superseded 07/01/11) - Gift certificates and credit memos. - Utah Statutes

67-4a-211 (Superseded 07/01/11). Gift certificates and credit memos.
(1) A gift certificate greater than $25 or a credit memo that remains unreconsidered formore than five years after issuance is considered abandoned.
(2) (a) In the case of a gift certificate, the amount considered abandoned is the price paidfor the certificate itself.
(b) In the case of a credit memo, the amount considered abandoned is the amountcredited as shown on the memo itself.
(3) The amount of a gift certificate or credit memo considered abandoned is subject tothe custody of this state when:
(a) the records of the issuer show that the last-known address of the purchaser of thecertificate or recipient of the memo is in Utah;
(b) the records of the issuer do not show the address of the purchaser or recipient, but doshow that the certificate or memo was issued in Utah;
(c) the records of the issuer do not show the address of the purchaser or of the recipientand do not show the state where the certificate or memo was issued, but the issuer is domiciled inUtah; or
(d) the records of the issuer show that the state contained in the address of the purchaseror recipient, or if none, the state where the certificate or memo was issued, is a state whoseescheat or unclaimed property law does not provide for the escheat or custodial taking of giftcertificates and credit memos, and the issuer is domiciled in Utah.

Amended by Chapter 248, 1998 General Session