§ 60-657.1. Credit memo issued in ordinary course of business.  


Latest version.
  • (a)  A credit memo issued in the ordinary course of an issuer's business which has a value of more than Fifty Dollars ($50.00) and remains unclaimed by the owner for more than five (5) years after becoming payable or distributable is presumed abandoned.

    (b)  With regard to a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo.  In applying the Fifty Dollar ($50.00) limitation, individual credit memos to the same owner shall not be aggregated.

Added by Laws 1991, c. 331, § 12, eff. Sept. 1, 1991.