Official Code of Georgia Annotated

Title 44. PROPERTY · Chapter 12. RIGHTS IN PERSONALTY · Article 5. DISPOSITION OF UNCLAIMED PROPERTY

44-12-205. When gift certificate or credit memo presumed abandoned.

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Current through: Including Acts of the 2025 Regular Session of the General Assembly.

(a)
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 five years after becoming payable or distributable is presumed abandoned.#
(b)
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.#

The notes below are printed with the section but are not enacted law (O.C.G.A. § 1-1-1(c)). They are shown apart from the text.

History

Code 1981, § 44-12-205, enacted by Ga. L. 1990, p. 1506, § 1; Ga. L. 1992, p. 1237, § 11.

Law reviews

For comment, “Unwrapping Escheat: Unclaimed Property Laws and Gift Cards,” see 60 Emory L. J. 971 (2011).

Read the official page (the state's PDF, opened at the page this text was read from).

Current through: Including Acts of the 2025 Regular Session of the General Assembly.

Text read from t44-ch8-15-(v32)-2022-pdf.pdf, Volume V32, 2022 edition, page 291; merge action: carried; file SHA-256 02e72213893a.

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