Code of Virginia § 55.1-2515. Gift certificates and credit balances.
148 words·~1 min read·
/va/title-55-1/chapter-25/55-1-2515·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 such gift certificate or credit balance became 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 that such credits, gift certificates, coupons, layaways, and similar items are redeemable in merchandise, in services, or through future purchases.
1983, c. 190, § 55-210.8:1; 1988, cc. 595, 643; 2000, cc. 733 , 745 ; 2019, c. 712 .