A. A gift certificate or gift card constitutes value held in trust by the issuer of the gift certificate or gift card on behalf of the beneficiary of the gift certificate or gift card. The value represented by the gift certificate or gift card 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 or gift card or who is in bankruptcy shall continue to honor a gift certificate or gift card issued prior to the date of the bankruptcy filing on the grounds that the value of the gift certificate or gift card constitutes trust property of the beneficiary.
C. 1. This section does not alter the terms of a gift certificate or gift card. The terms of a gift certificate or gift card may not make its redemption or other use invalid in the event of a bankruptcy.
2. This section does not require, unless otherwise required by law, the issuer of a gift certificate or gift card to:
a.redeem a gift certificate or gift card for cash,
b.replace a gift certificate or gift card that has been lost or stolen, or
c.maintain a separate account for the funds used to purchase the gift certificate or gift card.
D. 1. This section does not create an interest in favor of the beneficiary of the gift certificate or gift card in any specific property of the issuer;
2. This section does not create a fiduciary or quasi-fiduciary relationship between the beneficiary of the gift certificates or gift cards and the issuer, unless otherwise provided by law; and
3. The issuer of a gift certificate or gift card has no obligation to pay interest on the value of the gift certificate or gift card held in trust under this section, unless otherwise provided by law.
Any waiver of the provisions of Title 15 of the Oklahoma Statutes is contrary to public policy, and is void and unenforceable.
Added by Laws 2005, c. 233, § 4, eff. Nov. 1, 2005.
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