Code of Virginia

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Code of Virginia
Title 55. Property and Conveyances [Repealed Effective October 1, 2019]
Chapter 11.1. Disposition of Unclaimed Property
11/22/2019

§ 55-210.8:1. (Repealed effective October 1, 2019) Gift certificates and credit balances.

A. Except as described in subsection B, a gift certificate or credit balance issued in the ordinary course of the issuer's business that has remained unclaimed by the owner for more than five years after becoming payable is presumed abandoned.

B. The following property is exempt from the provisions of this chapter and shall not be assessed by the administrator as unclaimed property: (i) credit balances payable to a business association, (ii) outstanding checks resulting from or attributable to the sale of goods or services to a business association, (iii) promotional incentives, and (iv) credits, gift certificates, coupons, layaways, and similar items, provided such credits, gift certificates, coupons, layaways, and similar items are redeemable in merchandise, in services, or through future purchases.

1983, c. 190; 1988, cc. 595, 643; 2000, cc. 733, 745.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.