The verdict against Overstock likely means that Delaware will further scrutinize companies utilizing similar giftco structures and could possibly subject them to litigation or audit, even forcing some to re-domesticate outside of Delaware to avoid such scrutiny. Gift card holders should be overly cautious and be prepared to defend their organizational structures to the state.
Gift Card Escheatment (14 articles)
In recent weeks, both Arizona and Utah have introduced bills seeking to amend certain provisions of their unclaimed property laws relating to gift cards. Arizona only proposes changes to gift cards, while Utah’s provisions would also impact stored value cards and 529 College Savings Plans.
The holidays are around the corner and the hunt for the perfect holiday gift is under way for many consumers. According to the National Retail Federation, the total spending on gift cards for the 2013 holiday season will reach $29.8 billion. Before you purchase a gift card for a family member or friend, ensure you […]
On April 19th, the Consumer Financial Protection Bureau (CFPB) issued a formal determination on whether certain state unclaimed property laws as they apply to gift cards, are subject to federal preemption. At issue were the unclaimed gift card laws in place in Maine and Tennessee. The CFPB’s consideration and determination were the result of requests […]
Following the lead of American Express earlier this week, InComm has announced that they will be removing their gift cards from convenience stores, pharmacies, grocery stores, and additional retail outlets across New Jersey. Effective June 30th, InComm’s Vanilla Visa® Gift Card and Vanilla MasterCard® Gift Cards will be pulled from New Jersey shelves. InComm’s decision, […]