(1) Subject to Section KRS § 393A.120, the net card value of a stored-value card, other than a payroll card or a gift card, shall be presumed abandoned on the latest of three (3) years after:
(a) December 31 of the year in which the card is issued or additional funds are deposited into it;

Terms Used In Kentucky Statutes 393A.090

  • Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Kentucky Statutes 393A.010
  • Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
  • Net card value: means the original purchase price or original issued value of a stored-value card, plus amounts added to the original price or value, minus amounts used and any service charge, fee, or dormancy charge permitted by law. See Kentucky Statutes 393A.010
  • Owner: when applied to any animal, means any person having a property interest in such animal. See Kentucky Statutes 446.010
  • Payroll card: means a record that evidences a payroll card account as defined in 12
    C. See Kentucky Statutes 393A.010
  • Year: means calendar year. See Kentucky Statutes 446.010

(b) The most recent indication of interest in the card by the apparent owner; or
(c) A verification or review of the balance by or on behalf of the apparent owner. (2) The amount presumed abandoned in a stored-value card shall be the net card value
at the time it is presumed abandoned.
Effective: July 14, 2018
History: Created 2018 Ky. Acts ch. 163, sec. 9, effective July 14, 2018.

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