58-3934. Definitions.
58-3934
58-3934. Definitions.As used in this act:
(a) "Administrator" means the state treasurer.
(b) "Apparent owner" means the person whose name appears on the records ofthe holder as the person entitled to property held, issued or owing by theholder.
(c) "Business association" means a corporation, joint-stock company,investment company, partnership, unincorporated association, joint venture,limited liability company, business trust, trust company, land bank, safedeposit company, safekeeping depository, financial organization, insurancecompany, mutual fund, utility, other business entityconsisting of one ormore persons, whether or not for profit or the United States government orany agency or subdivision thereof.
(d) "Communication in writing" or "correspondence" shall include email orother electronic communications if the recipient has agreed in writing toreceive electronic communications concerning the property.
(e) "Domicile" means the state of incorporation of acorporation and the state of the principal place of business of a holder otherthan a corporation.
(f) "Financial organization" means a savings and loan association, building and loan association, savings bank, industrial bank,bank, banking organization or credit union.
(g) "Holder" means a person obligated to hold for theaccount of, or deliver or pay to, the owner property that is subject to thisact.
(h) "Insurance company" means an association, corporation,fraternal or mutual benefit organization, whether or not for profit, engaged inthe business of providing life endowments, annuities or insurance, includingaccident, burial, casualty, credit life, contract performance, dental,disability, fidelity, fire, health, hospitalization, illness, life,malpractice, marine, mortgage, surety, wage protection and workers compensationinsurance.
(i) "Last known address" means a description of thelocation of the apparent owner sufficient for the purpose of the delivery ofmail.
(j) "Mineral" means oil, gas, uranium, sulphur, lignite,coal and any other substance that is ordinarily and naturally considered amineral, regardless of the depth at which the oil, gas, uranium, sulphur,lignite, coal or other substance is found.
(k) "Mineral proceeds" means amounts payable for theextraction, production or sale of minerals, or, upon abandonment of thosepayments, all payments that become payable thereafter. The term includesamounts payable:
(1) For the acquisition and retention of a mineral lease, including bonuses,royalties, compensatory royalties, shut-in royalties, minimum royalties anddelay rentals;
(2) for the extraction, production or sale of minerals, including netrevenue interests, royalties, overriding royalties, extraction payments andproduction payments; and
(3) under an agreement or option, including a joint operating agreement, unitagreement, pooling agreement and farm-out agreement.
(l) "Money order" includes an express money order and apersonal money order, on which the remitter is the purchaser. The term does notinclude a bank money order or any other instrument sold by a financialorganization if the seller has obtained the name and address of the payee.
(m) "Owner" means a person who has a legal or equitableinterest in property subject to this act or the person's legal representative.The term includes a depositor in the case of a deposit, a beneficiary in thecase of a trust other than a deposit in trust and a creditor, claimant or payeein the case of other property.
(n) "Person" means an individual, business association,financial organization, estate, trust, state or other government, governmentalsubdivision, agency or instrumentality or any other legal or commercial entity.
(o) "Property" means tangible property or a fixed andcertain interest in intangible property that is held, issued or owed in thecourse of a holder's business, or by a state or other government, governmentalsubdivision, agency or instrumentality and all income or increments therefrom.The term includes property that is referred to as or evidenced by:
(1) Money, a check, draft, deposit, interest or dividend;
(2) credit balance, customer's overpayment, security deposit, refund, creditmemorandum, unpaid wage, mineral proceeds or unidentified remittance;
(3) stock or other evidence of ownership of an interest in a businessassociation or financial organization;
(4) a bond, debenture, note or other evidence of indebtedness;
(5) money deposited to redeem stocks, bonds, coupons or other securities orto make distributions;
(6) an amount due and payable under the terms of an annuity or insurancepolicy, including policies providing life insurance, property and casualtyinsurance, workers compensation insurance or health and disability insurance;and
(7) an amount distributable from a trust or custodial fund established undera plan to provide health, welfare, pension, vacation, severance, retirement,death, stock purchase, profit sharing, employee savings, supplementalunemployment insurance or similar benefits.
(p) "Record" means information that is inscribed on atangible medium or that is stored in an electronic or other medium and isretrievable in a perceivable form.
(q) "State" means any state of the United States, theDistrict of Columbia, the commonwealth of Puerto Rico or any territory, insularpossession or any other area subject to the jurisdiction of the United States.
(r) "Utility" means a person who owns or operates forpublic use any plant, equipment, property, franchise or license for thetransmission of communications or the production, storage, transmission, sale,delivery or furnishing of electricity, water, steam or gas.
(s) "Interest bearing property" means demand and savings accounts andcertificates of deposit which at the time such accounts and certificates werereported to the administrator paid interest to the owner.
History: L. 1994, ch. 8, § 1;L. 1999, ch. 100, § 1;L. 2000, ch. 125, § 3;L. 2007, ch. 92, § 1; July 1.