67-4a-102 (Effective 07/01/11) - Definitions.
67-4a-102 (Effective 07/01/11). Definitions.
As used in this chapter:
(1) "Administrator" means the deputy state treasurer assigned by the state treasurer toadminister the law governing unclaimed property in Utah.
(2) "Apparent owner" means the person whose name appears on the records of the holderas the person entitled to property held, issued, or owing by the holder.
(3) (a) "Bank draft" means a check, draft, or similar instrument on which a banking orfinancial organization is directly liable.
(b) "Bank draft" includes:
(i) a cashier's check; and
(ii) a certified check.
(c) "Bank draft" does not include:
(i) a traveler's check; or
(ii) a money order.
(4) "Banking organization" means:
(a) a bank;
(b) an industrial bank;
(c) a trust company;
(d) a savings bank; or
(e) any organization defined by other law as a bank or banking organization.
(5) "Business association" means a nonpublic corporation, joint stock company,investment company, business trust, partnership, or association for business purposes of two ormore individuals, whether or not for profit, including:
(a) a banking organization;
(b) a financial organization;
(c) an insurance company; or
(d) a utility.
(6) "Cashier's check" means a check that:
(a) is drawn by a banking organization on itself;
(b) is signed by an officer of the banking organization; and
(c) authorizes payment of the amount shown on its face to the payee.
(7) "Class action" means a legal action:
(a) certified by the court as a class action; or
(b) treated by the court as a class action without being formally certified as a class action.
(8) (a) "Deposit in a financial institution" means a demand, savings, or matured timedeposit with a banking or financial organization.
(b) "Deposit in a financial institution" includes:
(i) any interest or dividends on a deposit; and
(ii) a deposit that is automatically renewable.
(9) "Domicile" means:
(a) the state of incorporation of a corporation; and
(b) the state of the principal place of business of an unincorporated person.
(10) "Financial organization" means:
(a) a savings and loan association; or
(b) a credit union.
(11) "Gift card" means a payment device such as a plastic card that:
(a) is usable at:
(i) a single merchant;
(ii) an affiliated group of merchants; or
(iii) multiple, unaffiliated merchants;
(b) contains a means for the electronic storage of information including:
(i) a microprocessor chip;
(ii) a magnetic stripe; or
(iii) a bar code;
(c) is prefunded before it is used, whether or not money may be added to the paymentdevice after it is used; and
(d) is redeemable for goods or services.
(12) "Government entity" means:
(a) the state;
(b) an administrative unit of the state;
(c) a political subdivision of the state;
(d) an administrative unit of a political subdivision of the state; or
(e) an officer or employee of an entity described in Subsections (12)(a) through (d).
(13) "Holder" means a person, wherever organized or domiciled, who is:
(a) in possession of property belonging to another;
(b) a trustee;
(c) indebted to another on an obligation; or
(d) charged with the duty of paying or delivering intangible property under Section67-4a-302.
(14) "Insurance company" means an association, corporation, fraternal or mutual benefitorganization, whether or not for profit, that is engaged in providing insurance coverage,including:
(a) accident insurance;
(b) burial insurance;
(c) casualty insurance;
(d) credit life insurance;
(e) contract performance insurance;
(f) dental insurance;
(g) fidelity insurance;
(h) fire insurance;
(i) health insurance;
(j) hospitalization insurance;
(k) illness insurance;
(l) life insurance, including endowments and annuities;
(m) malpractice insurance;
(n) marine insurance;
(o) mortgage insurance;
(p) surety insurance; and
(q) wage protection insurance.
(15) (a) "Intangible property" includes:
(i) money, a check, a draft, a deposit in a financial institution, interest, a dividend, andincome;
(ii) a credit balance, a customer overpayment, a security deposit, a refund, unpaid wages,an unused airline ticket, and an unidentified remittance;
(iii) a stock, a mutual fund, and other intangible ownership interests in a businessassociation;
(iv) money deposited to redeem a stock, bond, or coupon, and other securities or to makea distribution;
(v) a bond, note, and any other debt obligation;
(vi) an amount due and payable under the terms of an insurance policy;
(vii) an amount distributable from a trust or custodial fund established under a plan toprovide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profitsharing, employee savings, supplemental unemployment insurance or similar benefits; and
(viii) an amount distributable from a mineral interest in land.
(b) "Intangible property" does not include patronage capital of an electric, telephone, andagricultural cooperative.
(16) "Last-known address" means a description of the location of the apparent ownersufficient for the purpose of the delivery of mail.
(17) "Mineral" means oil, gas, uranium, sulphur, lignite, coal, and any other substancethat is ordinarily and naturally considered a mineral, regardless of the depth at which the oil, gas,uranium, sulphur, lignite, coal, or other substance is found.
(18) "Mineral proceeds" includes:
(a) all obligations to pay resulting from the production and sale of minerals, including:
(i) net revenue interest;
(ii) royalties;
(iii) overriding royalties;
(iv) production payments; and
(v) joint operating agreements; and
(b) all obligations for the acquisition and retention of a mineral lease, including:
(i) bonuses;
(ii) delay rentals;
(iii) shut-in royalties; and
(iv) minimum royalties.
(19) (a) "Money order" means a negotiable draft issued by a business association forwhich the business association is not directly liable.
(b) "Money order" does not mean a cashier's check.
(20) "Net intangible property" means intangible property that is held, issued, or owing inthe ordinary course of a holder's business:
(a) plus any income or increment derived from the intangible property; and
(b) less any lawful charges.
(21) "Owner" means:
(a) a depositor in the case of a deposit;
(b) a beneficiary in the case of a trust other than a deposit in trust;
(c) a creditor, claimant, or payee in the case of other intangible property; or
(d) a person or that person's legal representative having a legal or equitable interest in
property subject to this chapter.
(22) (a) "Ownership purchase funds" means any funds paid toward the purchase of ashare, a mutual investment certificate, or any other interest in a banking or financial organization.
(b) "Ownership purchase funds" includes any interest or dividends paid on those funds.
(23) "Person" means:
(a) an individual;
(b) a business association;
(c) a government entity;
(d) a public corporation;
(e) a public authority;
(f) an estate;
(g) a trust;
(h) two or more persons having a joint or common interest; or
(i) any other legal or commercial entity.
(24) "State" means any state, district, commonwealth, territory, insular possession, or anyother area subject to the legislative authority of the United States.
(25) "Utility" means a person who owns or operates for public use any plant, equipment,property, franchise, or license for:
(a) the transmission of communications, including cable television; or
(b) the production, storage, transmission, sale, delivery, or furnishing of electricity,water, steam, or gas.
Amended by Chapter 218, 2010 General Session