§ 33-21.1-14 — § 33-21.1-14. Gift certificates and credit memos.

Rhode Island § 33-21.1-14

• Jurisdiction: Rhode Island
• Title 33: Probate practice and procedure
• Ch. 33-21.1: Unclaimed Intangible and Tangible Property

Text

§ 33-21.1-14. Gift certificates and credit memos.

(a) A credit memo issued by a business association that remains unredeemed for more than three (3) years after issuance is presumed abandoned. Pursuant to § 6-13-12, gift certificates shall not be presumed to be abandoned.

(b) In the case of a credit memo, the amount presumed abandoned is the amount credited as shown in the memo itself.

(c) The amount of a credit memo presumed abandoned is subject to the custody of this state in the following circumstances:

(1) The records of the issuer show that the last known address of the recipient of the memo is in this state;

(2) The records of the issuer do not show the address of the purchaser or recipient, but do show that the certificate or memo was issued in this state;

(3) The records of the issuer do not show the address of the recipient and do not show the state where the memo was issued and the issuer has its principal place of business in this state;

(4) The records of the issuer show that the address of the recipient, or if none, the state where the memo was issued, is in or is a state whose escheat or unclaimed property law does provide for the escheat or custodial taking of credit memos, and the issuer has its principal place of business in this state.

(d) Commencing on July 1, 1992, a business association issuing a credit memo in this state shall have a duty to record either the name and address of a recipient of a credit memo or the state in which the memo was issued.

Legislative History

P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2; P.L. 2005, ch. 194, § 2; P.L. 2005, ch. 202, § 2.