New Jersey Appellate Division Says Retailer Is Owed Refund in Unclaimed Property Dispute

New Jersey Appellate Division Says Retailer Is Owed Refund in Unclaimed Property Dispute

New Jersey Superior Court, Appellate Division

The New Jersey Superior Court, Appellate Division, ruled that the Unclaimed Property Administration improperly denied refund claims by Bed Bath & Beyond Inc. and its wholly owned subsidiary for the value of unclaimed merchandise return certificates.

The New Jersey Superior Court, Appellate Division, ruled that the Unclaimed Property Administration improperly denied refund claims by Bed Bath &amp; Beyond Inc. and its wholly owned subsidiary for the value of unclaimed merchandise return certificates.

The New Jersey Superior Court, Appellate Division, ruled that the Unclaimed Property Administration improperly denied refund claims by Bed Bath &amp; Beyond Inc. and its wholly owned subsidiary for the value of unclaimed merchandise return certificates, holding that gift certificates for merchandise or services issued on or after July 1, 2010, should be reported after five years of inactivity as "stored value cards," and that such certificates were not subject to the state's Uniform Unclaimed Property Act prior to July 1, 2010.

The New Jersey Superior Court, Appellate Division, ruled that the Unclaimed Property Administration improperly denied refund claims by Bed Bath & Beyond Inc. and its wholly owned subsidiary for the value of unclaimed merchandise return certificates, holding that gift certificates for merchandise or services issued on or after July 1, 2010, should be reported after five years of inactivity as "stored value cards," and that such certificates were not subject to the state's Uniform Unclaimed Property Act prior to July 1, 2010.