(1) A gift certificate is valid until redemption and does not terminate. A gift certificate is considered trust property of the possessor if the issuer or
seller of the gift certificate declares bankruptcy after issuing or selling the gift
(2) The value represented by the gift certificate belongs to the possessor and not
to the issuer or seller. An issuer or seller may redeem a gift certificate presented by an individual whose
name does not match the name on the gift certificate.
(3) A gift certificate may not be reduced in value by any fee, including a dormancy
fee applied if a certificate is not used.
(4) If the original value of the gift certificate was more than $5 and the remaining
value is less than $5 and the possessor requests cash for the remainder, the issuer
or seller shall redeem the gift certificate for cash.
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?
Welcome to FindLaw's Cases & Codes
A free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.