Second Priority Rule: This refers to the second of three priority rules used to determine which U.S. state or U.S. territory has priority with respect to claiming Escheat of an item of unclaimed property per an Unclaimed Property Statute. The Second Priority Rule is a rule of federal common law set by the U.S. Supreme Court. It has also been codified in various forms in some state Unclaimed Property Statutes. In the world of Cards, the rule generally focuses upon the state or territory of domicile of the card issuer in situations where the first priority does not apply – all subject to a variety of issues.
