Kentucky Statutes 393A.090 – When stored-value card presumed abandoned
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(1) Subject to Section KRS § 393A.120, the net card value of a stored-value card, other than a payroll card or a gift card, shall be presumed abandoned on the latest of three (3) years after:
(a) December 31 of the year in which the card is issued or additional funds are deposited into it;
(b) The most recent indication of interest in the card by the apparent owner; or
(c) A verification or review of the balance by or on behalf of the apparent owner. (2) The amount presumed abandoned in a stored-value card shall be the net card value
at the time it is presumed abandoned.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 9, effective July 14, 2018.
(a) December 31 of the year in which the card is issued or additional funds are deposited into it;
Terms Used In Kentucky Statutes 393A.090
- Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Kentucky Statutes 393A.010
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Net card value: means the original purchase price or original issued value of a stored-value card, plus amounts added to the original price or value, minus amounts used and any service charge, fee, or dormancy charge permitted by law. See Kentucky Statutes 393A.010
- Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
- Payroll card: means a record that evidences a payroll card account as defined in 12
C. See Kentucky Statutes 393A.010 - Year: means calendar year. See Kentucky Statutes 446.010
(b) The most recent indication of interest in the card by the apparent owner; or
(c) A verification or review of the balance by or on behalf of the apparent owner. (2) The amount presumed abandoned in a stored-value card shall be the net card value
at the time it is presumed abandoned.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 9, effective July 14, 2018.