66-29-135 - Gift certificates.
66-29-135. Gift certificates.
(a) A gift certificate issued in the ordinary course of an issuer's business is presumed abandoned if it remains unclaimed by the owner upon the earlier of:
(1) The expiration date of the certificate; or
(2) Two (2) years from the date the certificate was issued.
The amount presumed abandoned is the price paid by the purchaser for the gift certificate.
(b) Notwithstanding subsection (a) to the contrary, if a gift certificate issued after December 31, 1996, is redeemable for merchandise only, then the amount presumed abandoned is sixty percent (60%) of the price paid by the purchaser for the certificate.
(c) Notwithstanding this section or any other provision of the law to the contrary, a gift certificate issued after December 31, 1998, shall not be abandoned property and shall not be subject to this part if the issuer of the certificate does not impose a dormancy charge and when the gift certificate:
(1) Conspicuously states that the gift certificate does not expire;
(2) Bears no expiration date; or
(3) States that a date of expiration printed on the gift certificate is not applicable in Tennessee.
(d) Property described above, without regard to any activity or inactivity within the past five (5) years, shall also be presumed abandoned if the owner thereof is known to the holder to have died and left no one to take such property by will and no one to take such property by intestate succession.
[Acts 1993, ch. 195, § 10; 2001, ch. 231, § 8; 2003, ch. 78, §§ 1, 2.]