California Civil Code

§ 1749.6

CIV § 1749.6 Effective Jan 1, 2003Div. 3 · Title 1.4A · Part 4

Statute text

(a)A gift certificate constitutes value held in trust by the issuer of the gift certificate on behalf of the beneficiary of the gift certificate. The value represented by the gift certificate belongs to the beneficiary, or to the legal representative of the beneficiary to the extent provided by law, and not to the issuer.

(b)An issuer of a gift certificate who is in bankruptcy shall continue to honor a gift certificate issued prior to the date of the bankruptcy filing on the grounds that the value of the gift certificate constitutes trust property of the beneficiary.

(c)(1) This section does not alter the terms of a gift certificate. The terms of a gift certificate may not make its redemption or other use invalid in the event of a bankruptcy.

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Legislative history

Added by Stats. 2002, Ch. 997, Sec. 1. Effective January 1, 2003.