77-24a-1 - Definitions.
77-24a-1. Definitions.
As used in this chapter:
(1) "Intangible property" includes:
(a) money, 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) money deposited to redeem stocks, bonds, coupons, and other securities or to makedistributions;
(e) amounts due and payable under the terms of insurance policies; and
(f) amounts 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.
(2) "Tangible property" means all property that is not intangible property.
(3) (a) "Unclaimed property" means any property that comes into the possession of apeace officer or law enforcement agency:
(i) that remains unclaimed by any person identifying himself as the owner of theproperty; or
(ii) for which no owner can be found after a reasonable and diligent search.
(b) "Unclaimed property" includes any property coming into the possession of the lawenforcement agency by delivery from persons claiming to have found the property.
(c) "Unclaimed property" does not include property governed by Title 77, Chapter 24,Disposal of Property Received by Peace Officer.
Amended by Chapter 126, 2005 General Session