Terms Used In Utah Code > Title 67 > Chapter 4a > Part 2 - Presumption of Abandonment

• 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. Electronic: means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities. See Utah Code 67-4a-102 Electronic mail: means a communication by electronic means that is automatically retained and stored and may be readily accessed or retrieved. See Utah Code 67-4a-102 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. Financial organization: means : (a)  a savings and loan association; or (b)  a credit union. See Utah Code 67-4a-102 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; (n)  malpractice insurance; (o)  marine insurance; (p)  mortgage insurance; (q)  surety insurance; (r)  wage protection insurance; and (s)  worker compensation insurance. 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 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 Municipal bond: means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state. 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 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. See Utah Code 67-4a-102 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 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 Trustee: A person or institution holding and administering property in trust. 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