§ 41-114Title 41

Gift certificates and credit memos.

Gift certificates and credit memos held or owing in the ordinary course of the holder’s business that have remained unclaimed by the owner for more than 5 years after becoming payable or distributable are presumed abandoned. If a gift certificate or credit memo is redeemable for cash or merchandise, its value for purposes of this chapter shall be the amount paid by the purchaser.

Annotations

Mar. 5, 1981, D.C. Law 3-160, § 114, 27 DCR 5150
Sept. 29, 1992, D.C. Law 9-161, § 2(k), 39 DCR 5696
Uniform Law: This section is based upon § 14 of the Uniform Unclaimed Property Act (1981 Act).
1981 Ed., § 42-214.

Source XML

Sourced from the DC Council Open Law Library (public domain).

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