(a) 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.

(b) 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.

CREDIT(S)

(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.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications
1981 Ed., § 42-214.
Legislative History of Laws
For legislative history of D.C. Law 3-160, see Historical and Statutory Notes following § 41-101.
For legislative history of D.C. Law 9-64, see Historical and Statutory Notes following § 41-103.
For legislative history of D.C. Law 9-161, see Historical and Statutory Notes following § 41-103.
Uniform Law
This section is based upon § 14 of the Uniform Unclaimed Property Act (1981 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.

(a) 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.

(b) 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.

CREDIT(S)

(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.)

HISTORICAL AND STATUTORY NOTES

Prior Codifications
1981 Ed., § 42-214.
Legislative History of Laws
For legislative history of D.C. Law 3-160, see Historical and Statutory Notes following § 41-101.
For legislative history of D.C. Law 9-64, see Historical and Statutory Notes following § 41-103.
For legislative history of D.C. Law 9-161, see Historical and Statutory Notes following § 41-103.
Uniform Law
This section is based upon § 14 of the Uniform Unclaimed Property Act (1981 Act). See 8B Uniform Laws Annotated, Master Edition, or ULA Database on WESTLAW.