(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.
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