                                 CODE OF VIRGINIA

GIFT CERTIFICATES AND CREDIT BALANCES (§ 55.1-2515)

A. Except as described in subsection B, a gift certificate or credit balance
issued in the ordinary course of the issuer&#8217;s business that has remained
unclaimed by the owner for more than five years after such gift certificate or
credit balance became payable is presumed abandoned.

B. The following property is exempt from the provisions of this chapter and
shall not be assessed by the administrator as unclaimed property: (i) credit
balances payable to a business association; (ii) outstanding checks resulting
from or attributable to the sale of goods or services to a business association;
(iii) promotional incentives; and (iv) credits, gift certificates, coupons,
layaways, and similar items, provided that such credits, gift certificates,
coupons, layaways, and similar items are redeemable in merchandise, in services,
or through future purchases.

HISTORY: 1983, c. 190, § 55-210.8:1; 1988, cc. 595, 643; 2000, cc. 733, 745;
2019, c. 712.