Third Priority Rule: This refers to the third 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 Third Priority Rule is not a rule of federal common law set by the U.S. Supreme Court. It is a rule created in some state Unclaimed Property Statutes and viewed by many practitioners as being unenforceable or unconstitutional. In the world of Cards, the Third Priority Rule generally focuses upon the state or territory where the transaction giving rise the card occurred, such as the state where a plastic card was sold in a retail store. It is some times referred to as the Transaction State Rule or the State Sold Rule.
