§ 44-12-205. When Gift Certificate or Credit Memo Presumed Abandoned

1. 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.
2. 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.

History. Code 1981, § 44-12-205 , enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 11.

Law reviews.

For comment, “Unwrapping Escheat: Unclaimed Property Laws and Gift Cards,” see 60 Emory L. J. 971 (2011).