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."
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 ...
So the state does not need a reason to seize private property?
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."
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.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.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.
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.
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.