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BOSTON — The U.S. Court of Appeals for the First Circuit has sided with a mall owner who sells gift cards issued by Bank of America and against the State of New Hampshire, ruling that the sale of the cards issued by a national bank is not subject to New Hampshire’s law governing gift certificates and gift cards.

According to media reports and court documents, the dispute pitted the Simon Property Group, a nationwide shopping mall firm, against the state over whether its cards issued by Bank of America could be regulated by the State gift certificate law. The law holds that gift cards are gift certificates and those gift certificates cannot expire or depreciate in value.

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