New Jersey Wants to Seize Your Unused Gift Cards

This is a discussion on New Jersey Wants to Seize Your Unused Gift Cards within the Off Topic & Humor Discussion forums, part of the The Back Porch category; Thought this was interesting. Not sure how they would get away with doing this. "New Jersey isn't giving up its effort to seize unused money ...

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Thread: New Jersey Wants to Seize Your Unused Gift Cards

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    Member Array davidw's Avatar
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    New Jersey Wants to Seize Your Unused Gift Cards

    Thought this was interesting. Not sure how they would get away with doing this.

    "New Jersey isn't giving up its effort to seize unused money on gift cards and traveler's checks."


    http://www.cnbc.com/id/40887018

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    VIP Member Array mlr1m's Avatar
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    So the state does not need a reason to seize private property?

    Michael

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    Quote Originally Posted by davidw View Post
    Thought this was interesting. Not sure how they would get away with doing this.

    "New Jersey isn't giving up its effort to seize unused money on gift cards and traveler's checks."


    http://www.cnbc.com/id/40887018
    Isn't their Governor Christie a "free enterprise-right wing" Republican? Must be OK then, huh?

    And they aren't getting away with doing it.
    Omitted from post 1 was this little mitigating tidbit in the article, which changes everything,

    "But in November, a federal judge temporarily struck down the law."

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    The concept of "Escheat Property" is quite old:

    Escheat is a common law doctrine that operates to ensure that property is not left in limbo and ownerless. It originally referred to a number of situations where a legal interest in land was destroyed by operation of law, so that the ownership of the land reverted to the immediately superior feudal lord.
    In feudal England, escheat (pronounced eesheet) referred to the situation where the tenant of a fief died without an heir or committed a felony. The fief reverted to the King's ownership for one year and one day, by right of primer seisin, after which it reverted to the original lord who had granted it. From the time of Henry III, the monarchy took particular interest in escheat as a source of revenue.
    Virtually every state in the USA has Escheat Property laws in which unused telephone minutes, unused deposits, gift cards, overpaid credit cards balances, utility deposits, etc. all Escheat to the State at some point in time.

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    Quote Originally Posted by Rock and Glock View Post
    The concept of "Escheat Property" is quite old:





    Virtually every state in the USA has Escheat Property laws in which unused telephone minutes, unused deposits, gift cards, overpaid credit cards balances, utility deposits, etc. all Escheat to the State at some point in time.
    Very interesting. Your answer makes sense with regard to the NJ thing because I think they were attempting to regain the value from the merchants if the card had really seriously lapsed out of use, did it say 3 years? Still, there's something slightly sleazy feeling about the concept.

    Anyway, I'm glad you posted because what you wrote is a very very good example of how many of us jump to conclusions about the rightness or wrongness of something but do it in a vacuum devoid of many of the important facts-- in this case the common law principles you supplied. Thanks.

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    How would a state redeem the value of this "property"?
    It is surely true that you can lead a horse to water but you can't make them drink. Nor can you make them grateful for your efforts.

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    Member Array davidw's Avatar
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    Quote Originally Posted by Hopyard View Post

    Omitted from post 1 was this little mitigating tidbit in the article, which changes everything,

    "But in November, a federal judge temporarily struck down the law."
    It was not "omitted". I was trying to keep with forum rules by copying a part of the article and then posting a link.

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    Quote Originally Posted by davidw View Post
    It was not "omitted". I was trying to keep with forum rules by copying a part of the article and then posting a link.
    Good. Thank you for the clarification.

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