As used in ORS 98.302 to 98.436 and 98.992, unless the context otherwise requires:
(1) “Administrator” means the Director of the Department of State Lands.
(2) “Apparent owner” means the person whose name appears on the records of the holder as the person entitled to property held, issued or owing by the holder.
(3) “Business association” means a nonpublic corporation, joint stock company, business trust, partnership, investment company or an association for business purposes of two or more individuals, whether or not for profit, including a financial institution, insurance company or utility.
(4) “Domicile” means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person.
(5) “Financial institution” means a financial institution or a trust company, as those terms are defined in ORS 706.008, a safe deposit company, a private banker, a savings and loan association, a building and loan association or an investment company.
(6) “Holder” means a person, wherever organized or domiciled, who is in possession of property belonging to another, a trustee or indebted to another on an obligation.
(7) “Insurance company” means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, workers’ compensation, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety and wage protection insurance.
(8) “Intangible property” includes:
(a) Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets and unidentified remittances;
(b) Stocks and other intangible ownership interests in business associations;
(c) Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
(d) Amounts due and payable under the terms of insurance policies;
(e) Amounts distributed 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 similar benefits; and
(f) Moneys, checks, drafts, deposits, interest, dividends and income.
(9) “Last-known address” means a description of the location of the apparent owner sufficient for the purpose of delivery of mail.
(10) “Lawful deduction” means a deduction related to the purpose of an account or deposit, for example, to satisfy unpaid utility bills.
(11) “Owner” means a depositor in case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in case of other intangible property, or a person, or the person’s legal representative, having a legal or equitable interest in property.
(12) “Person” means an individual, business association, state or other government or political subdivision or agency, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.
(13) “Service charge” means fees or charges that are limited to a specific situation and that meet basic contractual and notice requirements.
(14) “State” means any state, district, commonwealth, territory, insular possession or any other area subject to the legislative authority of the United States.
(15) “Utility” means a person who owns or operates for public use, any plant, equipment, property, franchise or license for the transmission of communications or the production, storage, transmission, sale, delivery or furnishing of electricity, water, steam or gas. [1957 c.670 §3; 1983 c.716 §1; 1993 c.694 §40; 1997 c.416 §1; 1997 c.631 §396; 2003 c.272 §1]Section: Previous 98.220 98.230 98.240 98.245 98.260 98.270 98.280 98.302 98.304 98.306 98.308 98.309 98.310 98.311 98.312 Next
Last modified: August 7, 2008