I've found that wording to be a bit strange too. For example, in Massachusetts a gift certificate has to be valid for at least two years. So to me that means if I purchase a Hyatt gift certificate (while a Massachusetts resident) it needs to be good for 2 years and I should be able to use it any Hyatt for that 2 year period - not just the ones in Massachusetts. But I've always been afraid to let the 1 year expiration date pass - figuring it would be a nice battle when I went to check in at a NY Hyatt, for example and starting telling them that the certificate was really good for another year because I live in Massachusetts.