“Administrator” means the deputy state treasurer assigned by the state treasurer.
Terms Used In Utah Code 67-4a-102
Administrator: means the deputy state treasurer assigned by the state treasurer. See Utah Code 67-4a-102
Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
Apparent owner: means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder. See Utah Code 67-4a-102
Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
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. See Utah Code 67-4a-102
Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
Business association: means a corporation, joint stock company, investment company other than an investment company registered under the Investment Company Act of 1940, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, banking organization, insurance company, federally chartered entity, utility, sole proprietorship, or other business entity, whether or not for profit. See Utah Code 67-4a-102
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. See Utah Code 67-4a-102
Contract: A legal written agreement that becomes binding when signed.
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 67-4a-102
Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
Holder: means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter. See Utah Code 67-4a-102
Insurance company: means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including:
(a)
accident insurance;
(b)
burial insurance;
(c)
casualty insurance;
(d)
credit life insurance;
(e)
contract performance insurance;
(f)
dental insurance;
(g)
disability insurance;
(h)
fidelity insurance;
(i)
fire insurance;
(j)
health insurance;
(k)
hospitalization insurance;
(l)
illness insurance;
(m)
life insurance, including endowments and annuities;
Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
Last known address: means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. See Utah Code 67-4a-102
Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Legal tender: coins, dollar bills, or other currency issued by a government as official money. Source: U.S. Mint
Lien: A claim against real or personal property in satisfaction of a debt.
Loyalty card: means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services. See Utah Code 67-4a-102
for the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, or delay rental;
(ii)
for the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, or production payment; and
(iii)
under an agreement or option, including a joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement. See Utah Code 67-4a-102
Money order: includes an express money order and a personal money order on which the remitter is the purchaser. See Utah Code 67-4a-102
Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
Owner: includes :
(i)
a depositor, for a deposit;
(ii)
a beneficiary, for a trust other than a deposit in trust;
(iii)
a creditor, claimant, or payee, for other property; and
(iv)
the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value. See Utah Code 67-4a-102
Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
Property: includes :
(i)
all income from or increments to the property;
(ii)
property referred to as or evidenced by:
(A)
money, virtual currency, interest, or a dividend, check, draft, or deposit;
(B)
a credit balance, customer's overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and
(C)
a security except for:
(I)
a worthless security; or
(II)
a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security;
(iii)
a bond, debenture, note, or other evidence of indebtedness;
(iv)
money deposited to redeem a security, make a distribution, or pay a dividend;
(v)
an amount due and payable under an annuity contract or insurance policy;
(vi)
an amount 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 a similar benefit; and
(vii)
an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary. See Utah Code 67-4a-102
Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form. See Utah Code 67-4a-102
Security: means :
(a)
a security as defined in Revised Article 8 of the Uniform Commercial Code; or
(b)
a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:
(i)
registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;
(ii)
payable to the order of the person;
(iii)
specifically endorsed to the person; or
(iv)
an equity interest in a business association not included in this Subsection (32). See Utah Code 67-4a-102
Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Utah Code 67-4a-102
Stored-value card: means a reloadable or non-reloadable record:
(i)
with a monetary value or amount that can be:
(A)
used to purchase or otherwise acquire goods or services;
(B)
used to obtain cash; or
(C)
redeemed for cash value; and
(ii)
of which the issuer or the issuer's agent has a record of the name and last known address of the apparent owner and the address is in the state of Utah. See Utah Code 67-4a-102
Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
Utility: means a person that owns or operates for public use a plant, equipment, real property, franchise, or license for:
(a)
the transmission of communications or information;
(b)
the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; or
(c)
the provision of sewage or septic services, or trash, garbage, or recycling disposal. See Utah Code 67-4a-102
Virtual currency: means a digital representation of value used as a medium of exchange, unit of account, or store of value, which does not have legal tender status recognized by the United States. See Utah Code 67-4a-102
Worthless security: means a security whose cost of liquidation and delivery to the administrator would exceed the value of the security on the date a report is due under this chapter. See Utah Code 67-4a-102
(2)
(a)
“Administrator’s agent” means a person with which the administrator contracts to conduct an examination under 10, on behalf of the administrator.
(b)
“Administrator’s agent” includes an independent contractor of the person and each individual participating in the examination on behalf of the person or contractor.
(3)
“Apparent owner” means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder.
(4)
(a)
“Bank draft” means a check, draft, or similar instrument on which a banking or financial 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.
(5)
“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.
(6)
“Business association” means a corporation, joint stock company, investment company other than an investment company registered under the Investment Company Act of 1940, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, banking organization, insurance company, federally chartered entity, utility, sole proprietorship, or other business entity, whether or not for profit.
(7)
“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 the check’s face to the payee.
(8)
“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.
(9)
“Confidential information” means records, reports, and information that is confidential under Section 67-4a-1402.
(10)
(a)
“Deposit in a financial institution” means a demand, savings, or matured time deposit 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.
(11)
“Domicile” means:
(a)
for a corporation, the state of the corporation’s incorporation;
(b)
for a business association other than a corporation, whose formation requires a filing with a state, the state of the business association’s filing;
(c)
for a federally chartered entity or an investment company registered under the Investment Company Act of 1940, the state of the entity’s or company’s home office; and
(d)
for any other holder, the state of the holder’s principal place of business.
(12)
“Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
(13)
“Electronic mail” means a communication by electronic means that is automatically retained and stored and may be readily accessed or retrieved.
(14)
“Financial organization” means:
(a)
a savings and loan association; or
(b)
a credit union.
(15)
(a)
“Game-related digital content” means digital content that exists only in an electronic game or electronic-game platform.
(b)
“Game-related digital content” includes:
(i)
game-play currency, including a virtual wallet, even if denominated in United States currency; and
(ii)
the following, if for use or redemption only within the game or platform or another electronic game or electronic-game platform:
(A)
points sometimes referred to as gems, tokens, gold, and similar names; and
(B)
digital codes.
(c)
“Game-related digital content” does not include an item that the issuer:
(i)
permits to be redeemed for use outside a game or platform for:
(A)
money; or
(B)
goods or services that have more than minimal value; or
(ii)
otherwise monetizes for use outside a game or platform.
(16)
(a)
“Gift card” means a record that:
(i)
is usable at:
(A)
a single merchant; or
(B)
a specified group of merchants;
(ii)
is prefunded before the record is used; and
(iii)
can be used for purchases of goods or services.
(b)
“Gift card” includes a prepaid commercial mobile radio service as defined in 47 C.F.R. § 20.3.
(17)
“Holder” means a person obligated to hold for the account of, or to deliver or pay to, the owner property subject to this chapter.
(18)
“Insurance company” means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including:
(a)
accident insurance;
(b)
burial insurance;
(c)
casualty insurance;
(d)
credit life insurance;
(e)
contract performance insurance;
(f)
dental insurance;
(g)
disability insurance;
(h)
fidelity insurance;
(i)
fire insurance;
(j)
health insurance;
(k)
hospitalization insurance;
(l)
illness insurance;
(m)
life insurance, including endowments and annuities;
(n)
malpractice insurance;
(o)
marine insurance;
(p)
mortgage insurance;
(q)
surety insurance;
(r)
wage protection insurance; and
(s)
worker compensation insurance.
(19)
“Last known address” means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail.
(20)
(a)
“Loyalty card” means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services.
(b)
“Loyalty card” does not include a record that may be redeemed for money or otherwise monetized by the issuer.
(21)
(a)
“Mineral” means any substance that is ordinarily and naturally considered a mineral, regardless of the depth at which the substance is found.
(b)
“Mineral” includes:
(i)
building stone;
(ii)
cement material;
(iii)
chemical raw material;
(iv)
coal;
(v)
colloidal and other clay;
(vi)
fissionable and nonfissionable ore;
(vii)
gas;
(viii)
gemstone;
(ix)
gravel;
(x)
lignite;
(xi)
oil;
(xii)
oil shale;
(xiii)
other gaseous liquid or solid hydrocarbon;
(xiv)
road material;
(xv)
sand;
(xvi)
steam and other geothermal resources;
(xvii)
sulphur; and
(xviii)
uranium.
(22)
(a)
“Mineral proceeds” means an amount payable:
(i)
for extraction, production, or sale of minerals; or
(ii)
for the abandonment of an interest in minerals.
(b)
“Mineral proceeds” includes an amount payable:
(i)
for the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, or delay rental;
(ii)
for the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, or production payment; and
(iii)
under an agreement or option, including a joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement.
(23)
(a)
“Money order” means a payment order for a specified amount of money.
(b)
“Money order” includes an express money order and a personal money order on which the remitter is the purchaser.
(c)
“Money order” does not include a cashier’s check.
(24)
“Municipal bond” means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state.
(25)
(a)
“Nonfreely transferable security” means a security that cannot be delivered to the administrator by the Depository Trust Clearing Corporation or a similar custodian of securities providing post-trade clearing and settlement services to financial markets or cannot be delivered because there is no agent to effect transfer.
(b)
“Nonfreely transferable security” includes a worthless security.
(26)
(a)
“Owner” means a person that has a legal, beneficial, or equitable interest in property subject to this chapter or the person’s legal representative when acting on behalf of the owner.
(b)
“Owner” includes:
(i)
a depositor, for a deposit;
(ii)
a beneficiary, for a trust other than a deposit in trust;
(iii)
a creditor, claimant, or payee, for other property; and
(iv)
the lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.
(27)
“Payroll card” means a record that evidences a payroll card account as defined in 12 C.F.R. part 1005, Electronic Fund Transfers (Regulation E).
(28)
“Person” means:
(a)
an individual;
(b)
an estate;
(c)
a business association;
(d)
a public corporation;
(e)
a government entity;
(f)
an agency;
(g)
a trust;
(h)
an instrumentality; or
(i)
any other legal or commercial entity.
(29)
(a)
“Property” means tangible property described in Section 67-4a-205 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder’s business or by a government entity.
(b)
“Property” includes:
(i)
all income from or increments to the property;
(ii)
property referred to as or evidenced by:
(A)
money, virtual currency, interest, or a dividend, check, draft, or deposit;
(B)
a credit balance, customer’s overpayment, stored-value card, payroll card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; and
(C)
a security except for:
(I)
a worthless security; or
(II)
a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder’s or owner’s ability to receive, transfer, sell, or otherwise negotiate the security;
(iii)
a bond, debenture, note, or other evidence of indebtedness;
(iv)
money deposited to redeem a security, make a distribution, or pay a dividend;
(v)
an amount due and payable under an annuitycontract or insurance policy;
(vi)
an amount 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 a similar benefit; and
(vii)
an amount held under a preneed funeral or burial contract, other than a contract for burial rights or opening and closing services, where the contract has not been serviced following the death or the presumed death of the beneficiary.
(c)
“Property” does not include:
(i)
property held in a plan described in Section 529A, Internal Revenue Code;
(ii)
game-related digital content;
(iii)
a loyalty card;
(iv)
an in-store credit for returned merchandise;
(v)
patronage capital of an electric, telephone, or agricultural cooperative; or
(vi)
a gift card.
(30)
“Putative holder” means a person believed by the administrator to be a holder, until:
(a)
the person pays or delivers to the administrator property subject to this chapter; or
(b)
the administrator or a court makes a final determination that the person is or is not a holder.
(31)
“Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(32)
“Security” means:
(a)
a security as defined in Revised Article 8 of the Uniform Commercial Code; or
(b)
a security entitlement as defined in Revised Article 8 of the Uniform Commercial Code, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:
(i)
registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets;
(ii)
payable to the order of the person;
(iii)
specifically endorsed to the person; or
(iv)
an equity interest in a business association not included in this Subsection (32).
(33)
“Sign” means, with present intent to authenticate or adopt a record:
(a)
to execute or adopt a tangible symbol; or
(b)
to attach to or logically associate with the record an electronic symbol, sound, or process.
(34)
“State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
(35)
(a)
“Stored-value card” means a reloadable or non-reloadable record:
(i)
with a monetary value or amount that can be:
(A)
used to purchase or otherwise acquire goods or services;
(B)
used to obtain cash; or
(C)
redeemed for cash value; and
(ii)
of which the issuer or the issuer’s agent has a record of the name and last known address of the apparent owner and the address is in the state of Utah.
(b)
“Stored-value card” does not include:
(i)
a record described in Subsection (35)(a) that is purchased or acquired by an intermediary or other party for resale, for sale on consignment, or as a gift to the card user, when the issuer does not know the name and address of the ultimate buyer or recipient of the record;
(ii)
a loyalty card;
(iii)
a gift card; or
(iv)
game-related digital content.
(36)
“Utility” means a person that owns or operates for public use a plant, equipment, real property, franchise, or license for:
(a)
the transmission of communications or information;
(b)
the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; or
(c)
the provision of sewage or septic services, or trash, garbage, or recycling disposal.
(37)
(a)
“Virtual currency” means a digital representation of value used as a medium of exchange, unit of account, or store of value, which does not have legal tender status recognized by the United States.
(b)
“Virtual currency” does not include:
(i)
the software or protocols governing the transfer of the digital representation of value;
(ii)
game-related digital content;
(iii)
a loyalty card;
(iv)
membership rewards; or
(v)
a gift card.
(38)
“Worthless security” means a security whose cost of liquidation and delivery to the administrator would exceed the value of the security on the date a report is due under this chapter.
