Sec. 3-56a. Definitions.
Sec. 3-56a. Definitions. As used in this part, unless the context otherwise requires:
(1) "Apparent owner" means the person whose name appears on the records of the
holder as the person entitled to the property held, issued or owing by the holder;
(2) "Banking organization" means any state bank and trust company, national banking association or savings bank engaged in business in this state;
(3) "Business association" means a corporation, joint stock company, partnership,
unincorporated association, joint venture, limited liability company, business trust, trust
company, safe deposit company, financial organization, insurance company, person
engaged in the business of operating or controlling a mutual fund, utility or other business
entity consisting of one or more persons, whether or not for profit;
(4) "Financial organization" means any savings and loan association, credit union
or investment company;
(5) "Gift certificate" means a record evidencing a promise, made for consideration,
by the seller or issuer of the record that goods or services will be provided to the owner
of the record to the value shown in the record and includes, but is not limited to, a record
that contains a microprocessor chip, magnetic stripe or other means for the storage of
information that is prefunded and for which the value is decremented upon each use, a
gift card, an electronic gift card, stored-value card or certificate, a store card, or a similar
record or card, but "gift certificate" does not include prepaid calling cards regulated
under section 42-370 or prepaid commercial mobile radio services, as defined in 47
C.F.R. Sec. 20.3;
(6) "Holder" means any person in possession of property subject to this part which
belongs to another, or who is trustee in case of a trust, or who is indebted to another on
an obligation subject to this part;
(7) "Insurance company" means an association, corporation or fraternal or mutual
benefit organization, whether or not for profit, engaged in the business of providing life
endowments, annuities or insurance, including accident, burial, casualty, credit life,
contract performance, dental, disability, fidelity, fire, health, hospitalization, illness,
life, malpractice, marine, mortgage, surety, wage protection and workers' compensation
insurance;
(8) "Last-known address" means a description of the location of the apparent owner
sufficient for the purpose of delivery of mail;
(9) "Mineral" means gas; oil; other gaseous, liquid, and solid hydrocarbons; oil
shale; cement material; sand and gravel; road material; building stone; chemical raw
material; gemstone; fissionable and nonfissionable ores; colloidal and other clay; steam
and other geothermal resource; or any other substance defined as a mineral by the law
of this state;
(10) "Mineral proceeds" means amounts payable for the extraction, production or
sale of minerals, or, upon the abandonment of those payments, all payments that become
payable thereafter, and "mineral proceeds" includes amounts payable: (A) For the acquisition and retention of a mineral lease, including bonuses, royalties, compensatory royalties, shut-in royalties, minimum royalties and delay rentals; (B) for the extraction, production or sale of minerals, including net revenue interests, royalties, overriding
royalties, extraction payments and production payments; and (C) under an agreement
or option, including a joint operating agreement, unit agreement, pooling agreement
and farm-out agreement;
(11) "Owner" means a depositor in case of a deposit, a beneficiary in case of a trust,
a creditor, claimant or payee in case of other choses in action, or any person having a legal
or equitable interest in property subject to this part, or such person's legal representative;
(12) "Person" means any individual, business association, estate, trust, government,
governmental subdivision, agency or instrumentality, or any other legal or commercial
entity;
(13) "Property" means realty or personalty, tangible or intangible;
(14) "Record" means information that is inscribed on a tangible medium or that is
stored in an electronic or other medium and is retrievable in perceivable form;
(15) "Treasurer" means the Treasurer of the state of Connecticut; and
(16) "Utility" means a person who owns or operates for public use any plant, equipment, real property, franchise or license for the transmission of communications or the
production, storage, transmission, sale, delivery or furnishing of electricity, water, steam
or gas.
(1961, P.A. 540, S. 1; P.A. 78-121, S. 2, 113; P.A. 84-456, S. 2, 12; P.A. 88-65, S. 1; P.A. 95-79, S. 7, 189; June 30
Sp. Sess. P.A. 03-1, S. 66.)
History: P.A. 78-121 excluded private banker from definition of banking organization and excluded building or savings
and loan associations while retaining savings and loan associations under definition of financial organization; P.A. 84-456 added definitions for "apparent owner" and "last-known address"; P.A. 88-65 deleted the reference to industrial bank
in definition of "banking organization"; P.A. 95-79 redefined "business association" and "person" to include a limited
liability company, effective May 31, 1995; June 30 Sp. Sess. P.A. 03-1 inserted subdivision designators, redefined "business
association" and "person", deleted definition of "life insurance corporation", defined "gift certificate", "insurance company", "mineral", "mineral proceeds", "record" and "utility", and made technical changes, effective August 16, 2003.
Cited. 194 C. 129.