Mississippi Code 1972 (2023) › Title 89 - REAL AND PERSONAL PROPERTY (§§ 89-1-1 — 89) › Chapter 12 - UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT (§§ 89-12-1 — 89-12-59) › Section 89-12-3 - Definitions

As used in this chapter, unless the context otherwise requires:
(a)
"Banking organization" means any national or state bank, trust company, savings bank, land bank, private banker, or any similar organization which is engaged in business in this state.
(b)
"Business association" means any corporation, joint-stock company, business trust, partnership, or any association for business purposes of two (2) or more individuals, whether organized for profit or nonprofit, including, but not limited to, a banking organization, financial organization, life insurance corporation and utility.
(c)
"Financial organization" means any federal or state savings and loan association, building and loan association, credit union, cooperative bank or investment company, farm credit system cooperative, or any similar organization which is engaged in business in this state.
(d)
"Holder" means any person in possession of property subject to the provisions of this chapter belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to the provisions of this chapter.
(e)
"Insurance corporation" means any association or corporation transacting in this state the business of insurance involving in any manner a person or property; however, this term does not include self-insured workers' compensation groups or associations comprised of members who have joint and several liability for the workers' compensation obligation of the other members.
(f)
"Intangible personal property" includes, but is not limited to:
(i)
Monies, checks, drafts, deposits, interest, dividends, and income;
(ii)
Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances; except future and prior dividends made by the workers' compensation groups or associations described in paragraph (e);
(iii)
Monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
(iv)
Amounts due and payable under the terms of insurance policies;
(v)
Amounts 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 similar benefits;
(vi)
Shares of corporate stock and other intangible ownership interests in business associations; and
(vii)
Bonds, notes and other debt obligations.
(g)
"Owner" means a depositor in case of a deposit, a beneficiary in case of a trust, a creditor, claimant or payee in case of other choses in action, or any person having a legal or equitable interest in property subject to the provisions of this chapter, or his legal representative.
(h)
"Apparent owner" means the person who appears from the records of the holder to be entitled to property held by the holder.
(i)
"Person" means any individual, business association, government or political subdivision or agency, corporation, public authority, estate, trust, two (2) or more persons having a joint or common interest, or any other legal or commercial entity whether such person is acting in his own right or in a representative capacity.
(j)
"Treasurer" means the State Treasurer of the State of Mississippi.
(k)
"Utility" means any person who owns or operates in this state 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.
(l)
"Farm credit system cooperative association" means a farmer-owned cooperative system established under the authority of the Farm Credit Act of 1971, as amended, for the purpose of making credit available to farmers and ranchers and their cooperatives, for rural residences, and to associations and other entities upon which farming operations are dependent, to provide for an adequate and flexible flow of money into rural areas, and to modernize and consolidate existing farm credit law to meet current and future rural credit needs, and for other purposes, and which are chartered by and subject to the regulatory control of the Farm Credit Administration. For purposes of this chapter, the term includes:
(i)
Farm credit banks;
(ii)
The bank for cooperatives;
(iii)
Agricultural credit banks;
(iv)
Federal land bank associations;
(v)
Federal land credit associations;
(vi)
Production credit associations;
(vii)
Agricultural credit associations;
(viii)
The federal Farm Credit Banks Funding Corporation;
(ix)
The Federal Agricultural Mortgage Corporation;
(x)
Service corporations established pursuant to Section 12 USCS Section 2211; and
(xi)
Such other institutions as may be made a part of the Farm Credit System.
Laws, 1982, ch. 497, § 2; Laws, 1991, ch. 451, § 1; Laws, 2006, ch. 452, § 1, eff. 7/1/2006.
Amended by Laws, 2024, ch. 418, HB 1675,§ 1, eff. 7/1/2024.