§ 33-21.1-14. Gift certificates and credit memos.
(a) A credit memo issued by a business association that remains unredeemed for more than three (3) years after issuance is presumed abandoned. Pursuant to § 6-13-12, gift certificates shall not be presumed to be abandoned.
(b) In the case of a credit memo, the amount presumed abandoned is the amount credited as shown in the memo itself.
(c) The amount of a credit memo presumed abandoned is subject to the custody of this state in the following circumstances:
(1) The records of the issuer show that the last known address of the recipient of the memo is in this state;
(2) 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 this state;
(3) The records of the issuer do not show the address of the recipient and do not show the state where the memo was issued and the issuer has its principal place of business in this state;
(4) The records of the issuer show that the address of the recipient, or if none, the state where the memo was issued, is in or is a state whose escheat or unclaimed property law does provide for the escheat or custodial taking of credit memos, and the issuer has its principal place of business in this state.
(d) Commencing on July 1, 1992, a business association issuing a credit memo in this state shall have a duty to record either the name and address of a recipient of a credit memo or the state in which the memo was issued.
History of Section.P.L. 1986, ch. 500, § 3; P.L. 1992, ch. 133, art. 86, § 2; P.L. 2005, ch. 194, § 2; P.L. 2005, ch. 202, § 2.
Structure Rhode Island General Laws
Title 33 - Probate Practice and Procedure
Chapter 33-21.1 - Unclaimed Intangible and Tangible Property
Section 33-21.1-1. - Definitions and use of terms.
Section 33-21.1-2. - Property presumed abandoned.
Section 33-21.1-2.1. - United States savings bonds unclaimed property escheat procedure.
Section 33-21.1-3. - General rules for taking custody of intangible unclaimed property.
Section 33-21.1-4. - Travelers checks and money orders.
Section 33-21.1-6. - Bank deposits and funds in financial organizations.
Section 33-21.1-7. - Funds owing under life insurance policies.
Section 33-21.1-8. - Deposits held by utilities.
Section 33-21.1-9. - Refunds held by business associations.
Section 33-21.1-10. - Stock and other intangible interests in business associations.
Section 33-21.1-11. - Repealed.
Section 33-21.1-12. - Property held by agents and fiduciaries.
Section 33-21.1-13. - Property held by courts and public agencies.
Section 33-21.1-14. - Gift certificates and credit memos.
Section 33-21.1-14.1. - Property held by police departments.
Section 33-21.1-16. - Contents of safe deposit box or other safekeeping repository.
Section 33-21.1-16.1. - Unclaimed demutualization proceeds.
Section 33-21.1-17. - Report of abandoned property.
Section 33-21.1-18. - Notice and publication of lists of abandoned property.
Section 33-21.1-19. - Payment or delivery of abandoned property.
Section 33-21.1-21. - Crediting of dividends, interest or increments to owner’s account.
Section 33-21.1-22. - Public sale of abandoned property.
Section 33-21.1-23. - Deposit of funds.
Section 33-21.1-24. - Filing of claim with administrator.
Section 33-21.1-25. - Claim of another state to recover property; procedure.
Section 33-21.1-26. - Action to establish claim.
Section 33-21.1-27. - Election to take payment or delivery.
Section 33-21.1-28.1. - Disposition of “de minimis” property.
Section 33-21.1-29. - Limitation periods.
Section 33-21.1-30. - Requests for reports and examination of records.
Section 33-21.1-31. - Retention of records.
Section 33-21.1-32. - Enforcement.
Section 33-21.1-34. - Interest and penalties.
Section 33-21.1-35. - Agreement to locate reported property.
Section 33-21.1-36. - Foreign transactions.
Section 33-21.1-37. - Effect of new provisions — Clarification of application.
Section 33-21.1-39. - Severability.
Section 33-21.1-40. - Uniformity of application and construction.