TITLE 14

ESTATES OF DECEDENTS

CHAPTER 5

UNCLAIMED PROPERTY LAW

14-501.  Definitions and use of terms. As used in this chapter:

(1)  "Administrator" means the state treasurer or his or her duly authorized agents or employees.

(2)  "Apparent owner" means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder.

(3)  "Attorney general" means the chief legal officer of this state.

(4)  "Banking organization" means a bank, trust company, savings bank, industrial bank, land bank, safe deposit company, private banker, or any organization defined by other law as a bank or banking organization.

(5)  "Business association" means a nonpublic corporation, limited liability company, joint stock company, investment company, business trust, partnership, or association for business purposes of two (2) or more individuals, whether or not for profit, including, but not limited to, a banking organization, financial organization, insurance company, or utility.

(6)  "Domicile" means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person.

(7)  "Financial organization" means a savings and loan association, cooperative bank, building and loan association, investment company, or credit union.

(8)  "Holder" means a person, wherever organized or domiciled, who is:

(a)  In possession of property belonging to another;

(b)  A trustee; or

(c)  Indebted to another on an obligation.

(9)  "Insurance company" means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged 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.

(10) "Intangible property" includes:

(a)   Moneys, checks, drafts, deposits, interest, dividends, and income;

(b)  Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances;

(c)  Stocks and other intangible ownership interests in business associations;

(d)  Amounts paid for tickets, passes or vouchers to gain entrance to a scheduled event where the scheduled event was canceled and not rescheduled, and the owner of the tickets, passes or vouchers is entitled to a refund in cash, services or merchandise;

(e)   Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;

(f)  Amounts due and payable under the terms of insurance policies;

(g)  Amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits; and

(h)  Any interest created by a judgment entered in any court of competent jurisdiction in favor of persons who are members of a class of persons defined by the court entering the judgment.

(11) "Last known address" means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail.

(12) "Owner" means a depositor in the case of a deposit, a beneficiary in 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 having a legal or equitable interest in property subject to this act or his legal representative.

(13) "Person" means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity.

(14) "State" means any state, district, commonwealth, territory, insular possession, or any other area subject to the legislative authority of the United States.

(15) "Utility" means a person who owns or operates for public use any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas.

History:

[14-501, added 1983, ch. 209, sec. 2, p. 564; am. 1984, ch. 36, sec. 1, p. 60; am. 1997, ch. 399, sec. 1, p. 1263; am. 2010, ch. 202, sec. 1, p. 436.]