§ 33-21.1-1 - Definitions and use of terms.
SECTION 33-21.1-1
§ 33-21.1-1 Definitions and use of terms.– As used in this chapter, unless the context otherwise requires:
(1) "Administrator" means the general treasurer or his or herdesignee, including agents hired for the express purpose of auditing, assessingand collecting unclaimed property.
(2) "Apparent owner" means the person whose name appears onthe records of the holder as the person entitled to property held, issued, orowing by the holder.
(3) "Banking organization" means a bank, trust, company,savings bank (industrial bank, land bank, safe deposit company), privatebanker, or any organization defined by any of the laws of this or any otherstate as a bank or banking organization.
(4) "Business association" means a public corporation, anon-public corporation, joint stock company, investment company, businesstrust, partnership, or association for business purposes of two (2) or moreindividuals, whether or not for profit, including a banking organization,financial organization, insurance company, or utility, but not includinghospitals, private, nonprofit institutions of higher education, and otherdomestic charitable corporations as those terms are defined in this section.
(5) "Domicile" means the state of incorporation of acorporation and the state of the principal place of business of anunincorporated person.
(6) "Financial organization" means a savings and loanassociation, cooperative bank, building and loan association, or credit union.
(7) "Hospital" means:
(i) Any nonprofit hospital incorporated under the laws of thestate, including any nonprofit subsidiary corporations formed by any hospitalor formed by the parent corporation of a hospital, or
(ii) Any nonprofit corporation the member or members of whichconsist solely of one or more hospitals or parent corporations of hospitals, or
(iii) Any other hospital which is licensed as a generalhospital or maternity hospital pursuant to chapter 17 of title 23 which isexempt from taxation.
(8) "Holder" means a person, wherever organized or domiciled,who is:
(i) In possession of property belonging to another,
(ii) A trustee, or
(iii) Indebted to another on an obligation.
(9) "Insurance company" means an association, corporation,fraternal or mutual benefit organization, whether or not for profit, which isengaged in providing insurance coverage, including accident, burial, casualty,credit life, contract performance, dental, fidelity, fire, health,hospitalization, illness, life (including endowments and annuities),malpractice, marine, mortgage, surety, and wage protection insurance; but notincluding a nonprofit corporation organized pursuant to chapters 19, 20, 20.1,20.2 and 20.3 of title 27.
(10) "Intangible property" includes:
(i) Money, checks, drafts, deposits, interest, dividends,income, and bonds;
(ii) Credit balances, customer overpayments, securitydeposits, refunds, credit memos, unpaid wages, unused airline tickets,unclaimed pari-mutuel tickets, and unidentified remittances;
(iii) Stocks and other intangible ownership interests inbusiness associations;
(iv) Money deposited to redeem stocks, bonds, coupons, andother securities, or to make distributions;
(v) Amounts due and payable under the terms of insurancepolicies; and
(vi) Amounts distributable from a trust or custodial fundestablished under a plan to provide health, welfare, pension, vacation,severance, retirement, death, stock purchase, profit sharing, employee savings,supplemental unemployment insurance, or similar benefits.
(11) "Last known address" means a description of the locationof the apparent owner sufficient for the purpose of the delivery of mail.
(12) "Other domestic charitable corporation" means acorporation, except a hospital or private, nonprofit institution of highereducation, as those terms are defined herein, organized and existing underchapter 6 of title 7, chapter 19 of title 27, or created by general or specialact of the general assembly; provided however that domestic charitablecorporations which qualify as charitable corporations under 26 U.S.C. §501(c)(3) and have one hundred (100) or fewer employees shall be exempt fromthe provisions of this chapter.
(13) "Owner" means a depositor in the case of a deposit, abeneficiary in the case of a trust other than a deposit in trust, a creditor,claimant, or payee in the case of other intangible property, or a person havinga legal or equitable interest in property subject to this chapter or his or herlegal representative.
(14) "Person" means an individual, business association,state or other government, governmental subdivision or agency, publiccorporation, public authority, estate, trust, two (2) or more persons having ajoint or common interest, or any other legal or commercial entity.
(15) "Private, nonprofit institution of higher education"means an educational institution situated within this state which by virtue oflaw or charter is a private, nonprofit educational institution empowered toprovide a program of education beyond the high school level and which isaccredited by a nationally recognized educational accrediting agency orassociation and awards a bachelor's or advance degree or provides a program ofnot less than two (2) years' duration which is accepted for full credit towarda bachelor's degree.
(16) "State" means any state, district, commonwealth,territory, insular possession, or any other area subject to the legislativeauthority of the United States.
(17) "Tangible property" includes all other property notdefined as intangible property and which is not otherwise defined in thissection.
(18) "Utility" means a person who owns or operates for publicuse any plan, equipment, property, franchise, or license for the transmissionof communications or the production, storage, transmission, sale, delivery, orfurnishing of electricity, water, steam, or gas.