(1) A credit memo issued in the ordinary course of an issuer’s business which remains unclaimed by the owner for more than three years after becoming payable or distributable is presumed abandoned.

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(2) For a credit memo presumed abandoned under subsection (1) of this section, the amount presumed abandoned is the amount credited to the recipient of the memo. [1983 c.716 § 33; 1997 c.416 § 2; 2001 c.302 § 6]

[Repealed by 1957 c.670 § 37]