OAR 141-045-0010
Definitions
(1)
“Capital Gain” means gain or profit realized on the sale or exchange of a capital asset, or the excess of proceeds over cost, or other basis, from the sale of a capital asset.(2) “Credit Memorandum” or “Credit Memo” means a transaction posted to a customer account which reduced the account balance and is related to a previously posted invoice or charge, correcting and reducing the amount originally charged.
(3) “Department” means the Department of State Lands.
(4) “Descendant” has the meaning given that term in ORS 111.005 (Definitions for probate law).
(5) “Dividend” means cash which accrues by the earnings of a company and which is paid to the Owner of securities issued by that company.
(6) “Dividend Reinvestment Plan” means additional securities of the same company which are credited to an Owner’s account in lieu of cash.
(7) “Dormant” means without Owner generated activity or Owner contact for a prescribed time.
(8) “Due Diligence” means the degree of effort required by statute that Holders’ of unclaimed property must take to find the rightful Owner of Property before the Property is remitted to the state.
(9) “Financial Institution” means a Financial Institution, or a trust company, as those terms are defined in ORS 706.008 (Additional definitions for Bank Act), a safe deposit company, a private banker, a savings and loan association, a building and loan association or an investment company.
(10) “Holder” means a Person, wherever organized or domiciled, who is:
(a) In possession of Property belonging to another;
(b) A trustee; or
(c) Indebted to another on an obligation.
(11) “Inactive” means a lack of Owner generated activity or Owner contact for a prescribed time.
(12) “Insurance Company” means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including, but not limited to, 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.
(13) “Intangible Property” includes but is not limited to:
(a) Credit balances, customer overpayments, security deposits, refunds, Credit Memos, unpaid wages, unused airline tickets, stored value card balances or similar electronically maintained credit balances except gift cards as defined in ORS 646A.274 (Definitions for ORS 646A.276 and 646A.278), and unidentified remittances;
(b) Stocks and other intangible ownership interests in business associations;
(c) Money deposited to redeem stock, 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) Money, checks, drafts, deposits, interest, Dividends, and income.
(14) “Last-known Address” means a description of the location of the apparent Owner sufficient for the purpose of delivery of mail.
(15) “Military Medal” means a medal or decoration awarded to a Service Member for military service.
(16) “Negative Report” means a report showing the Holder had no Inactive accounts or other unclaimed assets to report for a particular reporting period.
(17) “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.
(18) “Person” means an individual, business association, state or other governmental 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.
(19) “Positive Owner Contact” means documented contact between an Owner and the Holder; either generated or initiated by the Owner or in response to the Holder.
(20) “Property” includes Tangible and Intangible Property.
(21) “Reportable” means the appropriate dormancy period as set forth in OAR 141-045-026 after which time an Owner has not claimed his or her asset from a holding company, and the Holder has taken appropriate steps to find the Owner, as described in 141-045-0061 (Actions Required of Holders Before Reporting).
(22) “Safekeeping Depository” means any leased or rented depository used as a deposit for safekeeping of Tangible or Intangible Property.
(23) “Service Member” means the person to whom a Military Medal was initially awarded.
(24) “Tangible Property” means:
(a) Property actually being held in a Safekeeping Depository and includes, but is not limited to:
(A) Contents of safe deposit boxes in financial organizations;
(B) Contents of safekeeping repositories located in hospitals, health-care facilities, motels, hotels, jewelry stores, department stores, professional offices, or any other site where the Holder is acting as a safekeeping custodian for the rightful Owner subject to the following exceptions:
(i) Used personal clothing or similar items with little or no commercial value.
(ii) Items that are hazardous including, but not limited to: batteries, chemicals, explosives, medical waste, ammo, drugs or similar controlled substances.
(b) Property held for the Owner by a court, state or other government, governmental subdivision or agency, law enforcement agency, public corporation or public authority (for instance unclaimed court exhibits) subject to the following exceptions:
(A) Used personal clothing or similar items with little or no commercial value
(B) Items that are hazardous including, but not limited to: batteries, chemicals, explosives, medical waste, ammo, drugs or similar controlled substances.
(c) Notwithstanding the above, Military Medals are considered Tangible Property.
(25) “Third Party Administrator” is a person contracted by the Holder to manage and process account records.
(26) “U.S. Savings Bonds” means:
(a) U.S. Savings Bonds, series A, B, C, D, E, F, G, H, J AND K, AND U.S. savings notes, governed by 31 C.F.R. 315;
(b) Definitive U.S. Savings Bonds, series EE and HH, governed by 31 C.F.R 353; and
(c) Definitive U.S. Savings Bonds, series I, governed by 31 C.F.R. 360.
Source:
Rule 141-045-0010 — Definitions, https://secure.sos.state.or.us/oard/view.action?ruleNumber=141-045-0010.