State Codes and Statutes
Statutes > Utah > Title-67 > Chapter-04a > 67-4a-102-superseded-07-01-1167-4a-102 (Superseded 07/01/11).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) cashier's checks; and
(ii) certified checks.
(c) "Bank draft" does not include:
(i) traveler's checks; or
(ii) money orders.
(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 drawn by a banking organization on itself, signed byan officer of the banking organization, authorizing payment of the amount shown on its face tothe 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 the state of incorporation of a corporation and the state of theprincipal place of business of an unincorporated person.
(10) "Financial organization" means:
(a) a savings and loan association; or
(b) a credit union.
(11) "Government entity" means:
(a) the state;
(b) any administrative unit of the state;
(c) any political subdivision of the state;
(d) any administrative unit of a political subdivision of the state; or
(e) any officer or employee of an entity described in Subsections (11)(a) through (d).
(12) "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.
(13) "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.
(14) (a) "Intangible property" includes:
(i) money, checks, drafts, deposits in a financial institution, interest, dividends, andincome;
(ii) credit balances, customer overpayments, gift certificates over $25, security deposits,refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances;
(iii) stocks, mutual funds, and other intangible ownership interests in businessassociations;
(iv) money deposited to redeem stocks, bonds, coupons, and other securities or to makedistributions;
(v) bonds, notes, and any other debt obligations;
(vi) amounts due and payable under the terms of insurance policies;
(vii) 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; and
(viii) amounts distributable from a mineral interest in land.
(b) "Intangible property" does not include patronage capital of electric, telephone, andagricultural cooperatives.
(15) "Last-known address" means a description of the location of the apparent ownersufficient for the purpose of the delivery of mail.
(16) "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.
(17) "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.
(18) (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.
(19) "Net intangible property" means intangible property that is held, issued, or owing inthe ordinary course of a holder's business plus any income or increment derived from it and lessany lawful charges.
(20) "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 inproperty subject to this chapter.
(21) (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.
(22) "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.
(23) "State" means any state, district, commonwealth, territory, insular possession, or any
other area subject to the legislative authority of the United States.
(24) "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 343, 2009 General Session
