Vermont Statutes Title 27 Sec. 1466
Terms Used In Vermont Statutes Title 27 Sec. 1466
- 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
- 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
- Owner: means a person that has a legal, beneficial, or equitable interest in property subject to this chapter or the person's legal representative when acting on behalf of the owner. See
- Payroll card: means a record that evidences a payroll-card account as defined in Regulation E, 12 C. See
- Stored-value card: means a record evidencing a promise made for consideration by the seller or issuer of the record that goods, services, or money will be provided to the owner of the record to the value or amount shown in the record. See
§ 1466. When stored-value card presumed abandoned
(a) Subject to section 1469 of this title, the net card value of a stored-value card, other than a payroll card, is presumed abandoned on the latest of three years after:
(1) December 31 of the year in which the card is issued or additional funds are deposited into it;
(2) the most recent indication of interest in the card by the apparent owner; or
(3) a verification or review of the balance by or on behalf of the apparent owner.
(b) The amount presumed abandoned in a stored-value card is the net card value at the time it is presumed abandoned. (Added 2019, No. 93 (Adj. Sess.), § 2, eff. Jan. 1, 2021.)