Presumption of abandonment of stored-value card

(a) Except as otherwise provided in § 66-29-113 , a stored-value card other than a payroll card or a gift card is presumed abandoned five (5) years after the later of: (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 abandoned by the owner in a stored-value card is the net card value at the time it is presumed abandoned. Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017. Acts 1978, ch. 561, § 9; T.C.A., §§ 64-2909, 66-29-109; Acts 1984, ch. 544, § 6; 1986, ch. 539, § 16; 1993, ch. 195, § 7; 1996, ch. 642, § 2.

(a) Except as otherwise provided in § 66-29-113 , a stored-value card other than a payroll card or a gift card is presumed abandoned five (5) years after the later of: (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.

(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 abandoned by the owner in a stored-value card is the net card value at the time it is presumed abandoned.

Amended by 2017 Tenn. Acts, ch. 457,s 1, eff. 7/1/2017.

Acts 1978, ch. 561, § 9; T.C.A., §§ 64-2909, 66-29-109; Acts 1984, ch. 544, § 6; 1986, ch. 539, § 16; 1993, ch. 195, § 7; 1996, ch. 642, § 2.