New Second Life terms and conditions

[Gabriele Graves]

Just like to point out that this would only apply to US residents.  Residents of other countries are likely to have different rules.  New Zealand for example doesn't have a published tax position on virtual currencies and we don't have a capital gains tax either.
 

[diamond Marchant]

1 hour ago, EliseAnne85 said:

But, they have to put those clauses in to cover their buttocks in the event of an unforeseen catastrophe.

The most likely "unforeseen catastrophe" is actually quite foreseeable. Should the ROI on Linden Lab be inadequate or negative, we might find our virtual assets unrecoverable.

39 minutes ago, animats said:

Note the phrase "regardless of the label applied". What LL calls it doesn't matter.

No joke.

[Arielle Popstar]

43 minutes ago, animats said:

Game currencies and such used to be a tiny thing mostly ignored by tax agencies and financial regulators. Because of the crypto boom and bust, big numbers being involved, big losses, everybody has had to get serious about how all this is regulated, taxed and secured. It's not play money any more.

So you have your IRS considering it a virtual currency with an actual value while Tilia itself inserts the clause "at its sole discretion" implicating that it considers it play money in that it dictates whether it will convert the Lindens to US $. And since the L$ only has a real world value at the whim of Tilia, unless the IRS is willing to accept L$ for tax liabilities it really cannot be considered to have any real value outside of SecondLife.

[Solar Legion]

Bluntly: Until the IRS actually comes after someone for their L$ balance as "unpaid taxes" ... quit spreading the BS.

[EliseAnne85]

2 hours ago, diamond Marchant said:

The most likely "unforeseen catastrophe" is actually quite foreseeable. Should the ROI on Linden Lab be inadequate or negative, we might find our virtual assets unrecoverable.

If you are speaking about bankruptcy; I listed that as well in some of my posts in this thread.  All money transmitters in the USA do not cover either crypto nor tokens in the event of a bankruptcy.  Not that I know of, anyhow.  However, some US money transmitters cover the U.S. Dollar balance in the event of a bankruptcy (some); I have no idea of each one's exact TOS.  

I think the linden would be considered a type of money as long as there is a platform to spend it on.  If LL turns the lights off and closes altogether, I think we would not recover our money from Tilia, as it's not insured and the TOS states there are no warranties.    

Edited October 29, 2022 by EliseAnne85

[Ceka Cianci]

2 hours ago, Arielle Popstar said:

So you have your IRS considering it a virtual currency with an actual value while Tilia itself inserts the clause "at its sole discretion" implicating that it considers it play money in that it dictates whether it will convert the Lindens to US $. And since the L$ only has a real world value at the whim of Tilia, unless the IRS is willing to accept L$ for tax liabilities it really cannot be considered to have any real value outside of SecondLife.

it doesn't have any value outside of it.. If I make Lindens in world and they never leave then I haven't made any income or real world gains..

If I buy lindens and they grow and grow in here and I never cash them out, I can't go anywhere else in the real world to trade them.. I can't spend them anywhere on the net for services or buy a lawn mower or higher a plumber.. If I could, they would have to report them as income, but they won't take them because they don't have any value outside of second life..

If I paid them in gold or diamonds or a real world virtual currency, they can find real world value in them and use them .. only when I turn them into real world value will they become seen as income and taxable..

The irs tried something a couple of years back where they were trying to get people in games to pay taxes on their game money, but they ended up taking it down and working on it to the now current version..

Only on the back end  is when we get hit.. save them receipts..

https://cbs4indy.com/news/irs-removes-guideline-that-video-game-currency-needs-to-be-reported-on-tax-returns/

[Lindal Kidd]

What is "money"?

Money is a medium of exchange. It is anything that the social group agrees will represent value. It may be something that is valuable in itself...cattle, gold, or silver. It may be a token that has no intrinsic value (e.g., paper currency, bank notes). The only requirement is that the group (players of a game, citizens of a country, holders of a cryptocurrency, etc.) mutually agree that this "money" may be used as counters to keep track of transactions...trades of labor for goods or services, for example.

The L$ is money because we, the residents of SL, agree that it is money. This is no different, other than scale, from the citizens of the United States (and other countries) agreeing that pieces of paper printed with gray-green ink are money.

Increasingly, "money" isn't even paper symbols, it's merely electrons in digital accounting systems. The L$ is one example, but worldwide, there is a total of about $60 trillion in circulation, but only 10% or about $6 trillion, is physical notes. (US dollars account for about $2.1 trillion of that).

The SL and Tilia terms and conditions merely say that LL and Tilia reserve the right to um, disbelieve in the collective fiction of the Linden Dollar if it's in their interests to do so. The part about your withdrawal of your "Shared Value Account" (your $USD balance) being subject to the whims of Tilia is, I believe, illegal. But it would take some sort of class action suit to prove it.

Edited October 29, 2022 by Lindal Kidd

[Arielle Popstar]

11 minutes ago, Lindal Kidd said:

The SL and Tilia terms and conditions merely say that LL and Tilia reserve the right to um, disbelive in the collective fiction of the Linden Dollar if it's in their interests to do so. The part about your withdrawal of your "Shared Value Account" (your $USD balance) being subject to the whims of Tilia is, I believe, illegal. But it would take some sort of class action suit to prove it.

Yes, and that is the aspect that has me shaking my head with its inclusion. Regardless of whether it is just to cover their butt as some of them have been saying, it is still smacks of giving themselves a right to withhold real world monies from those it legally belongs to. By agreeing to the new Tilia ToS and  PP,  it would imo be authorizing them to do exactly that should they choose and make a legal case that much more difficult.

[diamond Marchant]

2 hours ago, EliseAnne85 said:

If you are speaking about bankruptcy; I listed that as well in some of my posts in this thread.

Actually not. Was thinking about how long Waterfield might retain Linden Research in the face of slow or no growth and declining profitibility. There is some discussion of his history with acquiring/selling companies here https://modemworld.me/2020/07/16/linden-labs-acquisition-sundry-thoughts-speculation/

[Jaylinbridges]

On 10/28/2022 at 4:13 PM, Dictatorshop said:

For those concerned about the reserve (or whatever you want to call a the idea of a hold on linden fees for land/region tier due before you can cash out) the answer is pretty straightforward, own those assets in an alt separate from your business account that you use to transfer cash OUT of SL. 

Why do you think Tilia will not apply their "hold" policy to your alt's Tilia dollars?   Tilia requires your full legal identification before they will approve any Process Credit to Paypal or Skrill.  They know your full name, your RL address, your age, and your social security number and your e-mail address. (your RL phone number is optional.)  If Tilia sees Linden dollars being transferred to or from an alt account, which they can easily confirm is yours, they could call this an illegal attempt to violate their new TOS terms.  Or they can apply the new Hold policy to  both accounts, since they share the same social security number and RL name.

I have an alt account with Process Credit approval, to a different pay pal account connected to a different bank.  But my RL name, social security number and ID are still the same for both my main and alt SL accounts.  I am not going to test your scheme out after Oct. 31, 2022. 

Now if you can enlist another trusted person to open an SL account and obtain Process Credit approval, with a different social security number and address - I guess this could work.  Might want to run this money laundering scheme through Tilia first though.

 

Edited October 30, 2022 by Jaylinbridges

[Jaylinbridges]

22 hours ago, animats said:

Note the phrase "regardless of the label applied". What LL calls it doesn't matter. It's possible to incur a US tax liability without ever cashing out Linden dollars. Once you get past the US$600 threshold for miscellaneous income, you're going to have to account for Linden dollar transactions for tax purposes.

You cannot use all the forms LL Dollars as the same thing.  Linden Dollars are tokens, worth nothing outside of the game, as stated in their TOS.  Tilia Dollars are a USD fiat currency that is still not a USD  dollar in your bank account or wallet. The $600 IRS threshold does not apply to Linden Dollars at all.  I am not sure if it applies to the Tilia Dollars in the Reserve account either, assuming those Tilia dollars are never cashed out to real USD in Paypal. 

I have assumed (might be wrong) that for Tilia to report your > $600 Tilia Dollar balance to the IRS with a 1099, they first had to send it to Paypal.  If I have a $600 Tilia balance, just sitting there in Tilia, as what I still call "fake dollars" because I can not spend them in RL, does that cause a 1099 earnings form to be sent to the IRS?  And what if that $600 is on hold by Tilia, to pay a land tier fee to SL?  Now my Tilia balance is $0 Tilia dollars after SL takes it for tier, which is a business expense (I don't pay tiers for pleasure).  

And finally does anyone here have a business that earns over say $600 Tilia dollars in a short time like one month, and do you get a 1099 sent to you every month by Tilia,  irregardless of whether you try to cash it out or not?

Edited October 30, 2022 by Jaylinbridges

[Lindal Kidd]

@Jaylinbridges, at least until 2021, the last year I did a Process Credit or had a $USD balance over $600, the only transactions Tilia reported to IRS were Process Credit transactions.

Unless things have changed since then, L$ balances, purchases or sales of L$, and $USD balances are not taxable events.

There is some concern about the possibility of the IRS counting your transactions twice, if both Tilia and PayPal submit 1099s. That didn't happen to me, but I'm just one data point.

[CaithLynnSayes]

On 10/26/2022 at 4:26 AM, Arielle Popstar said:

Mmm yes, and that's probably why How to delete your Paypal account was trending earlier this month and they even had start offering $15 bonuses to stop the surge of people attempting to close those accounts. That is aside from stock market drop of their shares and general loss of reputation over that fiasco.

"How to delete your PayPal-account" was trending because they made a change to their Terms and Conditions that basically stated that they would fine you $2.500 for spreading "misinformation". A nasty rabbit hole i won't go into for obvious reasons. - Paypal quickly removed this from their ToS and claimed this should never have been publicly published and was done by mistake. (uhu, sure thing...) The understandable massive backlash following that meant that an unprecedented amount of people deleted their Paypal accounts as a result, or at least claimed to have done.

I thought i just set the record straight at that  

 

As for the money thing with Tilia and SL. I did not read all of your replies but one thing is becoming clear. Not too many of you seem to have ever understood why games and virtual realities typically deal with tokens and not actual real life money. There are a couple of reasons for this. One would be a physiological one to make you lose track of it's actual value compared to real money so you would spend more, but a more interesting one and lesser understood one is that it isn't real money so you can't do anything with it outside said game/VR. SL's ToS has always stated that LL (and now Tilia) have every right to refuse to pay you out. You bought those L$ with the intention to spend them inworld as long as LL feels like it. That is quite literaly what the ToS has always stated so i find the hoopla about Tilia deciding to give you real money for it or not, quite amusing. Haven't some of you read ánd clicked the "i agree" to those Terms and Services when you signed up? Did you know that what you're agreeing to by clicking that button is effectively a legal document? Perhaps not but i can asure you it is. There is a reason you have to agree to ToS in order to have an account to just about anything. Its so that later you can't lash out at the company if they gave you fantasy money in exchange for real money and later closed your account and took your fantasy money with it. L$ has no value outside SL. L$ is always owned by LL/Tilia. You just have the privilege to use it for as long as LL/Tilia allow you to.

 

I like analyzing legal documents and terms and conditions and whatnot. I also find it fascinating how few people around the world would blindly agree to said legal document without actually understanding its context. Studies have been made over this and there is an ongoing debate on whether the "I agree" button on such documents is enough to legitimize the contract between you and the company you signed up to and its services but that is yet again a rabbit hole i could start a complete new thread for and won't go into here.

 

TL;DR:

The ToS has basically always been like this. Now that a new light has been shed on it, some of you are all panicky for something they agreed to already. Probably years ago. Most long standing, still active SL accounts are now pushing 16 years old.

L$ isn't real and it isn't yours. you bought hot air or you are earning hot air in a virtual world that you can only get real money for if the company feels like it basically. So don't complain, you've agreed to all of this when signing up. You have no rights. you are in LL's house, not your own.

PS: A lesson here could be: don't build your house/business on someone else's land.

[Chic Aeon]

3 hours ago, CaithLynnSayes said:

The ToS has basically always been like this. Now that a new light has been shed on it, some of you are all panicky for something they agreed to already. Probably years ago. Most long standing, still active SL accounts are now pushing 16 years old.

L$ isn't real and it isn't yours. you bought hot air or you are earning hot air in a virtual world that you can only get real money for if the company feels like it basically. So don't complain, you've agreed to all of this when signing up. You have no rights. you are in LL's house, not your own.

Definitely true but "so far" things have worked out well for many folks.  MEANWHILE I was reading about the Paypal upheaval  on another forum (not SL ) where it was noted that to put some rhetoric in a document is WAY different than trying to uphold that position.  As far as I know NONE of the somewhat bizarre statements in the SL TOS ("in the known and unknown universe" for example) have  been put to the test.  

 

I opted out of all of this years ago but agree that people should always be aware of what they are signing.  Now however you don't actually even need to sign due to text previously added in documents -- so I am wondering if there will BE  a "click through" on November 1.  It probably doesn't matter as most folks won't bother to read :D.   I am betting on "no" however. 

 

There IS a reason that I watch the forums even though I don't post that much any longer. 

[animats]

3 hours ago, Chic Aeon said:

As far as I know NONE of the somewhat bizarre statements in the SL TOS ("in the known and unknown universe" for example) have  been put to the test.  

Yes. The difference is that more players are being connected to the payment system. First it was just LL. Then LL and Tilia, with Tilia owned by LL. Now LL, Tilia, and J.P. Morgan Payments / Chase. The likelihood of contractual trouble increases with the complexity. That's when you get comments from customer service people along the lines of "we can't pay you because our partner hasn't yet paid us. You have no recourse against us or our partner because you signed away those rights." Anyone who's dealt with a PayPal dispute will recognize that situation.

[Arielle Popstar]

12 hours ago, CaithLynnSayes said:

"How to delete your PayPal-account" was trending because they made a change to their Terms and Conditions that basically stated that they would fine you $2.500 for spreading "misinformation". A nasty rabbit hole i won't go into for obvious reasons. - Paypal quickly removed this from their ToS and claimed this should never have been publicly published and was done by mistake. (uhu, sure thing...) The understandable massive backlash following that meant that an unprecedented amount of people deleted their Paypal accounts as a result, or at least claimed to have done.

I thought i just set the record straight at that  

I had already mentioned the particulars about the PayPal fiasco in a couple of previous posts, so nothing new there. Link. I doubt PayPal would be offering bonuses to people to stay with them if they hadn't experienced a significant loss of accounts. I looked in my very rarely used PayPal account and noticed a redeemable cash bonus if I chose to stay with them. So if they offering me financial incentives when I haven't used that account in a couple of years, they are obviously worried.

Quote

As for the money thing with Tilia and SL. I did not read all of your replies but one thing is becoming clear. Not too many of you seem to have ever understood why games and virtual realities typically deal with tokens and not actual real life money. There are a couple of reasons for this. One would be a physiological one to make you lose track of it's actual value compared to real money so you would spend more, 

Only speaking for myself, I've never been under any pretense about why the game tokens are a preferred method for an inworld economy and adding to your reasonings for it, point out the anonymity provided by them, where I only have to divulge my R/L PayPal/CC info to the platform provider vs having to give it to every store I deal with inside of Secondlife.

 

Quote

but a more interesting one and lesser understood one is that it isn't real money so you can't do anything with it outside said game/VR. SL's ToS has always stated that LL (and now Tilia) have every right to refuse to pay you out. You bought those L$ with the intention to spend them inworld as long as LL feels like it. That is quite literaly what the ToS has always stated so i find the hoopla about Tilia deciding to give you real money for it or not, quite amusing. Haven't some of you read ánd clicked the "i agree" to those Terms and Services when you signed up? Did you know that what you're agreeing to by clicking that button is effectively a legal document? Perhaps not but i can asure you it is. There is a reason you have to agree to ToS in order to have an account to just about anything. Its so that later you can't lash out at the company if they gave you fantasy money in exchange for real money and later closed your account and took your fantasy money with it. L$ has no value outside SL. L$ is always owned by LL/Tilia. You just have the privilege to use it for as long as LL/Tilia allow you to.

Well no, it hasn't always been like this. When one looks back in history, before 2013 there were multiple outside L$ exchanges where one could buy and sell L$, so even if LL refused, one could easily find another exchange where the L$ could be exchanged for real world currencies. However now that they are the only legitimate authorized L$ as per their ToS, does the Linden dollar have a questionable value, especially considering their "sole discretion" statement. How many creators and other business types you actually think will continue to support the S/L economy if it starts coming out that they get pretty liberal with their justifications for refusing to redeem L$ to real world monies? I'd wager S/L dies within a few months if people can no longer exchange their game tokens for real cash.

Quote

TL;DR:

The ToS has basically always been like this. Now that a new light has been shed on it, some of you are all panicky for something they agreed to already. Probably years ago. Most long standing, still active SL accounts are now pushing 16 years old.

L$ isn't real and it isn't yours. you bought hot air or you are earning hot air in a virtual world that you can only get real money for if the company feels like it basically. So don't complain, you've agreed to all of this when signing up. You have no rights. you are in LL's house, not your own.

PS: A lesson here could be: don't build your house/business on someone else's land.

 

Previous ToS's and Privacy policies have not been as aggressive nor with the added mix of questionable players (Tilia, J.P. Morgan) as in past. True that S/L is a virtual world and economy that is hot air and pixels but it is dependent on the symbiotic relationship with the good will of its residents. They do after all rely on that good will to continue funding them and that is in a large part dependent on residents being able to convert their L$ to real world cash. If those residents who depend on that ability to convert their L$ into r/l $ lose the confidence of being able to do so, they will go elsewhere.

[Lindal Kidd]

15 hours ago, CaithLynnSayes said:

i find the hoopla about Tilia deciding to give you real money for it or not, quite amusing

This is not what previous policies have stated, CaithLynn. You're right about the policy about L$ being tokens having no value, and LL being able to take them all and call it a day at their discretion. But the new policy says that Tilia can decide to let you take your money out of your $USD Balance, or not. That's what is causing all the fuss in this thread.

It's similar to the short-lived PayPal policy that caused so much uproar, about fining you if they didn't like your content or behavior.

PayPal balances and Tilia $USD Balances are not game tokens, they are real money.

[Coffee Pancake]

9 hours ago, animats said:

Yes. The difference is that more players are being connected to the payment system. First it was just LL. Then LL and Tilia, with Tilia owned by LL. Now LL, Tilia, and J.P. Morgan Payments / Chase. The likelihood of contractual trouble increases with the complexity. That's when you get comments from customer service people along the lines of "we can't pay you because our partner hasn't yet paid us. You have no recourse against us or our partner because you signed away those rights." Anyone who's dealt with a PayPal dispute will recognize that situation.

Not to mention the number of fingers in the pie wanting their cut.

Tilia being independent from SL was always bad for SL for that reason alone, now .. my heart goes out to everyone struggling to make ends meet from a income here.

[Rowan Amore]

This just popped up when I signed into my dashboard when it's usually saved for when you log into the viewer...

 

[Gopi Passiflora]

13 minutes ago, Rowan Amore said:

This just popped up when I signed into my dashboard when it's usually saved for when you log into the viewer...

 

Same here, and also in the Firestorm viewer for me. And now I can't log into my account protected by 2FA for some reason.

 

Edit: Was able to log in after the 2FA attempts were reset.

Edited October 31, 2022 by Gopi Passiflora
My problem was fixed.

[Anna Salyx]

23 hours ago, Jaylinbridges said:

 

  If I have a $600 Tilia balance, just sitting there in Tilia, as what I still call "fake dollars" because I can not spend them in RL, does that cause a 1099 earnings form to be sent to the IRS?  And what if that $600 is on hold by Tilia, to pay a land tier fee to SL?  Now my Tilia balance is $0 Tilia dollars after SL takes it for tier, which is a business expense (I don't pay tiers for pleasure). 

 

I still disagree with your calling your US Dollar Tilia balance "fake dollars" solely on the idea you can't "spend them [directly] IRL".  Of course you can spend them.  You first have to transfer them out to spend in the wild, or you can use them satisfy your financial obligations to Linden Lab.  Both are acts of RL spending of them. Tilia functions, basically and with a few differences, as a Passbook Savings Account.

Now, I personally do have an old fashioned passbook savings account that I park some emergency money in for security, safety, and to limit personal temptation. There are no checks tied to the account, nor is there a debit card.  If I want to access the funds, I have to go to the bank, present my passbook to a teller, and have them transfer the money out of the account to me as cash, or directly into my checking account for use later. And under federal law, they reserve the right to require me to give 7 days notice before any such withdrawal (though honestly, that's never happened, but it is law). So. transfer out, or used satisfy a banking fee are the only two ways to use this balance.  Exactly the same two ways to utilize a Tilia balance. Does that make my passbook savings dollars "fake dollars" simply because i have to through an extra step to spend them? The fact that there seems to to be extra conditions to access the funds fully does not make them any less real. but I it does add frustration, I do fully agree.

No.  They are still real dollars. Your Linden Dollar balance is "fake" in that Linden Lab can up and say "nah, you don't have those no more," for any or no reasons and you have absolutely zero recourse. Your US Dollar Tilia balance, OTH, is yours, and outside of a narrow set of circumstances I've mentioned previously, neither Tilia nor Linden Lab can simply disappear them (and certainly not on a whim). They have a permanency that Linden Dollars do not, regardless of what steps you must take to utilize them. They will either be consumed by fee obligation or they will transfer out to an external account, but they are yours and are part of your estate and from what I can tell they also fall under "escheat laws/regulations" by state. So, still in definition, not "fake dollars".

How your US Dollar balance does or does not get reported to a taxing authority, is an entirely separate conversation.

and I keep coming back to this because I feel that your terming a balance of fiat currency (US $) as "fake money" is factually incorrect, is disingenuous, and clouds the conversation at hand.  and that all said, it probably will be the last I chime in on it. You will probably continue to incorrectly (IMO) call it fake money, and I will continue to refuse to accept that definition. So.  I've said my peace and counted to three.

Pax vobiscum.

[SpiritSparrow Skydancer]

It’s way to complicated now to be playing in SL signing off rights and now agreeing at their discretion if you get money owed…

 

 

 

 

[CaithLynnSayes]

5 hours ago, Lindal Kidd said:

This is not what previous policies have stated

Sorry but it has, from day one. The Internet Archive (The Wayback Machine) has records from LL's ToS dating all the way back to 2010 and states the following:

 

Please read the first sentence carefully: 

Quote

You acknowledge that Linden Lab may deny any Sell order or Buy order individually...

This is the earliest record i could find on the Wayback Machine and here is a link to it: http://web.archive.org/web/20121006173958/http://secondlife.com/corporate/tos.php?lang=en-US#tos5

As soon as a game/VR deals with purchases or earnings, it will use tokens ánd will have such a rule in it's ToS, if they didn't, LL would have been sued out of existence long ago.

[CaithLynnSayes]

46 minutes ago, LittleSparrow Skydancer said:

It’s way to complicated now to be playing in SL signing off rights and now agreeing at their discretion if you get money owed…

You never had rights. As Ive stated before, you are in SL's house and LL can at any given moment kick you out and they don't need to give you any reason.

It's really important that users of a service understand that you have no rights. It is in a company's best interest to serve you well, but they don't have to. You can go to another company/service if you don't like what the first company offers or allows you to do. That's about the only right you have, the right to leave.

I don't mean to sound harsh, just realistic and it's important anyone using a service understands this.

[Jaylinbridges]

3 hours ago, Anna Salyx said:

Your US Dollar Tilia balance, OTH, is yours, and outside of a narrow set of circumstances I've mentioned previously, neither Tilia nor Linden Lab can simply disappear them (and certainly not on a whim). They have a permanency that Linden Dollars do not, regardless of what steps you must take to utilize them. They will either be consumed by fee obligation or they will transfer out to an external account, but they are yours and are part of your estate and from what I can tell they also fall under "escheat laws/regulations" by state. So, still in definition, not "fake dollars".

Perhaps you would be happier if I called them Difficult Dollars (DD).  And there is both risk and uncertainty about you actually getting these DD's into the Real World.  If Tilia thinks those DD in your Stored Value Account were obtained illegally, such as someone gifting you Linden Dollars, or someone files a false AR against you, they will not release your DD's to you, and can in fact take them from you.  This is nothing like a passbook savings account.  Besides any savings account being instantly transferable to a checking account ONLINE, for the past 35 years, I have never heard of a bank saying we think the funds in your savings account are suspicious, so we will not pay you your USD savings balance.  Not without a court order at least. 

And there is the problem. SL has no in-world legal system to challenge their decisions.  They don't even have to tell you where they think you have violated their TOS, and they usually do not.  I have bolded the latest TOS words about process credits:

4.3 Process Credit from Stored Value Account to Permitted Account

If you accumulate more value in your Stored Value Account than you need to pay amounts associated with your use of Second Life, Tilia may, in its discretion and subject to its agreement with Second Life, allow you to request a refund from your Stored Value Account. Subject to your compliance with Tilia’s Terms of Service, you may be permitted to request that Tilia process a credit from your Stored Value Account, in an amount equal to all or a portion of the available funds associated with your Stored Value Account, to your PayPal account or other account permitted by Tilia. Tilia, in its sole discretion, will approve or deny your request. If approved, the request will be subject to a fee (the “Process Credit Fee”) payable to Tilia, and the credit will be processed within approximately five (5) to ten (10) business days following the request. Some requests may take up to thirty (30) days to process. You may see this concept referred to as a “Process Credit” throughout Second Life and other materials.

4.4 Funds in your Stored Value Account

You are not required to maintain any funds in your Stored Value Account. If you do hold funds in your Stored Value Account, those funds will not be insured to you by the Federal Deposit Insurance Corporation or any other entity, and you will not be entitled to any interest with respect to such funds.

 

 

Edited October 31, 2022 by Jaylinbridges