(a) Except as otherwise provided in § 66-29-113, a stored-value card other than a payroll card or a gift card is presumed abandoned five (5) years after the later of:

Terms Used In Tennessee Code 66-29-110

  • 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 Tennessee Code 66-29-102
  • 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 its original value and minus amounts used and any service charge, fee, or dormancy charge permitted by law. See Tennessee Code 66-29-102
  • Owner: includes :
    (A) A depositor, for a deposit. See Tennessee Code 66-29-102
  • Payroll card: means a record that evidences a payroll card account, as that term is defined in 12 C. See Tennessee Code 66-29-102
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(1) December 31 of the year in which the card is issued or additional funds are deposited into it;
(2) The most recent indication of interest in the card by the apparent owner; or
(3) A verification or review of the balance by or on behalf of the apparent owner.
(b) The amount abandoned by the owner in a stored-value card is the net card value at the time it is presumed abandoned.
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