2006 Code of Virginia § 55-210.2 - Definitions

55-210.2. Definitions.

As used in this chapter, unless the context otherwise requires:

"Administrator" means the State Treasurer or his designee.

"Apparent owner" means the person whose name appears on the records of theholder as the person entitled to property held, issued, or owing by theholder.

"Banking organization" means any bank, trust company, savings bank(industrial bank, land bank, safe deposit company), or a private banker, orany other organization defined by law as a bank or banking organization.

"Business association" means any corporation, joint-stock company,investment company, business trust, partnership, limited liability company,cooperative, or association for business purposes of two or more individualswhether or not for profit, including a banking organization, financialorganization, insurance company, or utility.

"Credit balance" means an item of intangible property resulting from orattributable to the sale of goods or services, which includes, by way ofillustration, an overpayment, credit memo, refund, discount, rebate,unidentified remittance, or deposit.

"Domicile" means (i) the state of incorporation, in the case of acorporation incorporated under the laws of a state, (ii) the state oforganization, in the case of an unincorporated business association formedunder the laws of a state, (iii) the state of the principal place ofbusiness, in the case of a nonnatural person not incorporated or formed underthe laws of a state, and (iv) the state of principal residency, in the caseof a natural person.

"Due diligence" shall include, but not be limited to, the mailing of aletter by first-class mail to the last known address of the owner asindicated on the records of the holder.

"Financial organization" means any savings and loan association(cooperative bank), building and loan association, or credit union.

"Gift certificate" means a certificate, electronic card or other mediumthat evidences the giving of consideration in exchange for the right toredeem the certificate, electronic card or other medium for goods, food,services, credit or money of an equal value.

"Holder" means a person, wherever organized or domiciled, who is (i) inpossession of property belonging to another, (ii) a trustee in case of atrust, or (iii) indebted to another on an obligation.

"Insurance company" means an association, corporation, fraternal or mutualbenefit organization, whether or not for profit, which is engaged inproviding insurance coverage, including, by way of illustration, accident,burial, casualty, credit life, contract performance, dental, fidelity, fire,health, hospitalization, illness, life (including endowments and annuities),malpractice, marine, mortgage, surety, and wage protection insurance.

"Intangible property" includes, by way of illustration, (i) moneys, checks,drafts, deposits, interest, dividend income; (ii) credits, customeroverpayments, gift certificates, security deposits, refunds, unpaid wages,and unidentified remittances; (iii) stocks and other intangible ownershipinterests in business associations; (iv) moneys deposited to redeem stocks,bonds, coupons, and other securities, or to make distributions; (v) amountsdue and payable under the terms of insurance policies; and (vi) amountsdistributable from a trust or custodial fund established under a plan toprovide any health, welfare, pension, vacation, severance, retirement, death,stock purchase, profit sharing, employee savings, supplemental unemploymentinsurance or similar benefit.

"Last known address" means a description of the location of the apparentowner sufficient to identify the state of residence of the apparent owner forthe purpose of the delivery of mail.

"Owner" means a depositor in the case of a deposit, a beneficiary in caseof a trust, other than a deposit in trust, a creditor, claimant, or payee inthe case of other intangible property, or a person having a legal orequitable interest in property subject to this chapter or his legalrepresentative.

"Payable" means the earliest date upon which the owner of property couldbecome entitled to the payments, possession, delivery, or distribution ofsuch property from a holder.

"Person" means an individual, business association, government orgovernmental subdivision or agency, public corporation, public authority,estate, trust, two or more persons having a joint or common interest, or anyother legal or commercial entity.

"Promotional incentive" means a coupon, rebate or other promotional deviceoffered to induce a consumer to purchase goods, food or services and forwhich (i) no direct consideration is given by the consumer or (ii) theconsideration given is less than the value of the goods, food or services tobe received.

"State," when applied to a part of the United States, includes any state,district, commonwealth, territory, insular possession, and any other areasubject to the legislative authority of the United States.

"Unclaimed property" means property for which the owner, as shown by therecords of the holder of his property, has ceased, failed or neglected,within the times provided in this chapter, to make presentment and demand forpayment and satisfaction or to do any other act in relation to or concerningsuch property. This definition shall be construed as excluding any act of aholder of unclaimed property not done at the express request or authorizationof the owner.

"Utility" means a person who owns or operates, for public use, any plant,equipment, property, franchise, or license for the transmission ofcommunications or the production, storage, transmission, sale, delivery, orfurnishing of electricity, water, steam, or gas.

(1960, c. 330; 1981, c. 47; 1982, c. 331; 1983, c. 190; 1984, c. 121; 1988,c. 378; 2000, cc. 733, 745.)