(A) A credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned. (B) In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo. HISTORY: 1988 Act No. 658, Part II, Section 34A; 2001 Act No. 43, Section 2.
South Carolina Legal Code