(a) A gift certificate or a credit memo, issued in the ordinary course of an issuer’s business, that remains unclaimed by the owner for more than three years after becoming payable or distributable is presumed abandoned.
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Terms Used In Alaska Statutes 34.45.240

  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
(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.
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