63.29.140 - Gift certificates and credit memos.

Gift certificates and credit memos.

(1) A gift certificate or a credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than three years after becoming payable or distributable is presumed abandoned.

     (2) In the case of a gift certificate, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.

     (3) A gift certificate that is presumed abandoned under this section may, but need not be, included in the report as provided under RCW 63.29.170(4). If a gift certificate that is presumed abandoned under this section is not timely reported as provided under RCW 63.29.170(4), RCW 19.240.005 through 19.240.110 apply to the gift certificate.

[2004 c 168 § 15; 2003 1st sp.s. c 13 § 7; 1983 c 179 § 14.]

Notes: Effective date -- 2004 c 168 §§ 15 and 16: "Sections 15 and 16 of this act take effect January 1, 2005." [2004 c 168 § 20.]

Effective dates -- 2003 1st sp.s. c 13: See note following RCW 63.29.020.