67-4a-211 (Superseded 07/01/11).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 for
more than five years after issuance is considered abandoned.
(2) (a) In the case of a gift certificate, the amount considered abandoned is the price paid
for the certificate itself.
(b) In the case of a credit memo, the amount considered abandoned is the amount
credited as shown on the memo itself.
(3) The amount of a gift certificate or credit memo considered abandoned is subject to
the custody of this state when:
(a) the records of the issuer show that the last-known address of the purchaser of the
certificate 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 do
show 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 recipient
and do not show the state where the certificate or memo was issued, but the issuer is domiciled in
Utah; or
(d) the records of the issuer show that the state contained in the address of the purchaser
or recipient, or if none, the state where the certificate or memo was issued, is a state whose
escheat or unclaimed property law does not provide for the escheat or custodial taking of gift
certificates and credit memos, and the issuer is domiciled in Utah.
Amended by Chapter 248, 1998 General Session
Download Code Section Zipped WordPerfect 67_04a021100.ZIP 2,145 Bytes
Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page
Last revised: Thursday, May 28, 2009