Tennessee § 66-29-110 Presumption of abandonment of stored-value card

Tennessee Statutes

§ 66-29-110 — Presumption of abandonment of stored-value card

(a)Except as otherwise provided in § 66-29-113 , a stored-value card other than a payroll card or a gift card is presumed abandoned five (5) years after the later of:

(1)December 31 of the year in which the card is issued or additional funds are deposited into it;

(2)The most recent indication of interest in the card by the apparent owner; or (3) A verification or review of the balance by or on behalf of the apparent owner.

(b)The amount abandoned by the owner in a stored-value card is the net card value at the time it is presumed abandoned.

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(a) Except as otherwise provided in § 66-29-113 , a stored-value card other than a payroll card or a gift card is presumed abandoned five (5) years after the later of: (1) December 31 of the year in which the card is issued or additional funds are deposited into it; (2) The most recent indication of interest in the card by the apparent owner; or (3) A verification or review of the balance by or on behalf of the apparent owner. (b) The amount abandoned by the owner in a stored-value card is the net card value at the time it is presumed abandoned.

Tennessee § 66-29-110 (Presumption of abandonment of stored-value card) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017. Acts 1978, ch. 561, § 9; T.C.A., §§ 64-2909, 66-29-109; Acts 1984, ch. 544, § 6; 1986, ch. 539, § 16; 1993, ch. 195, § 7; 1996, ch. 642, § 2.