Missouri Code of State Regulations › Title 15 - ELECTED OFFICIALS › Division 50 - Treasurer › Chapter 3 - Unclaimed Property › Section 15 CSR 50-3.005 - Definitions

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: Sections 447.500-447.595, RSMo comprise the
				  Missouri Uniform Disposition of Unclaimed Property Act. This rule establishes
				  definitions to implement the Act.
(1) As used in 15 CSR 50-3, unless the
				context requires otherwise-
(A) Act means the
				Uniform Disposition of Unclaimed Property Act, sections 447.500- 447.595,
				RSMo;
(B) Banking organization
				means any bank, trust company or safe deposit company engaged in business in
				this state;
(C) Business
				association means any corporation, joint stock company, business trust,
				partnership, limited partnership, any association for business purposes or any
				mutual fund or other similar entity, whether operating in the form of a
				corporation or a trust, including, but not limited to, any investment company
				registered under the Federal Investment Company Act of 1940, or any entity
				which is exempt from federal taxation pursuant to section 501(c)(3) of the
Internal Revenue Code
;
(D) Division means the entity within the
				state treasurer's office which has the responsibility of administrating the
				unclaimed property statues of the state;
(E) Financial organization means any savings
				bank, savings and loan association, credit union or loan and investment company
				engaged in business in this state;
(F) Holder means any person in possession of
				property subject to sections 447.500- 447.595, RSMo belonging to another, or
				who is trustee in case of a trust or is indebted to another on an obligation
				subject to sections 447.500-447.595, RSMo;
(G) Insurance corporation means any
				association or corporation transacting within this state the business of
				property or casualty insurance, property or life insurance on the lives of
				persons or insurance appertaining to them, including, but not by way of
				limitation, endowments and annuities;
(H) Owner means a depositor in case of a
				deposit, a beneficiary in case of a trust, except a trust defined in section
				456.500, RSMo, the
				unclaimed property of which has not escheated pursuant to the provisions of
				section
				456.650, RSMo, a
				creditor, claimant or payee in case of other choices in action or any person
				having a legal or equitable interest in property subject to sections
				447.500-447.595, RSMo or his/her legal representative;
(I) Person means any individual, business
				association, government or political subdivision, public corporation, public
				authority, estate, trust, except a trust defined in section
				456.500, RSMo, two (2)
				or more persons having a joint or common interest or any other legal or
				commercial entity;
(J) Treasurer
				means the Missouri state treasurer; and
(K) Utility means any person who owns or
				operates within 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.