JurisdictionVirginiaTitle 55.1Property and Conveyances
Subtitle VMiscellaneous
Ch. 25Virginia Disposition Of Unclaimed Property Act
Art. 1Definitions; Property Abandoned or Assumed Abandoned
This text of Virginia § 55.1-2515 (Gift certificates and credit balances) is published on Counsel Stack Legal Research, covering Virginia primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
A. Except as described in subsection B, a gift certificate or credit balance issued in the ordinary course of the issuer's business that has remained unclaimed by the owner for more than five years after such gift certificate or credit balance became payable is presumed abandoned.
B. The following property is exempt from the provisions of this chapter and shall not be assessed by the administrator as unclaimed property:
(i)credit balances payable to a business association;
(ii)outstanding checks resulting from or attributable to the sale of goods or services to a business association;
(iii)promotional incentives; and (iv) credits, gift certificates, coupons, layaways, and similar items, provided that such credits, gift certificates, coupons, layaways, and similar items are redeemable i
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A. Except as described in subsection B, a gift certificate or credit balance issued in the ordinary course of the issuer's business that has remained unclaimed by the owner for more than five years after such gift certificate or credit balance became payable is presumed abandoned.
B. The following property is exempt from the provisions of this chapter and shall not be assessed by the administrator as unclaimed property: (i) credit balances payable to a business association; (ii) outstanding checks resulting from or attributable to the sale of goods or services to a business association; (iii) promotional incentives; and (iv) credits, gift certificates, coupons, layaways, and similar items, provided that such credits, gift certificates, coupons, layaways, and similar items are redeemable in merchandise, in services, or through future purchases.