Mississippi Administrative Code › Title 38 - Treasurer › Part 4 - Uniform Disposition of Unclaimed Property Act › Chapter 1 - Introduction › Rule 38-4-1.2 - Definitions

Current through June 25, 2024
As used in this regulation, unless the context otherwise
				  requires:
A. "Act" means the Uniform Disposition of Unclaimed Property
				  Act per Miss. Code Ann. Section
				  89-12-1 et
				  seq.
B. "Activity" means any action taken by an owner with respect
				  to his or her property which indicates that the owner intends for the property
				  not to be presumed unclaimed.
C. "Aggrieved party" includes any claimant, owner, holder, or
				  other person that asserts a grievance regarding any decision or action taken by
				  the Unclaimed Property Division.
D. "Apparent owner" means the person who appears from the
				  records of the holder to be entitled to property held by the holder.
E. "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.
F. "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.
G. "Claim" means the demand with the necessary supporting
				  ownership documents made by any person who has or appears to have an interest
				  in unclaimed property or the proceeds from the sale of unclaimed
				  property.
H. "Claimant" means any person or entity making a claim who
				  has stated his or her interest in unclaimed property or the proceeds from the
				  sale of unclaimed property.
I. "Date of last transaction" means the last date of owner
				  contact or owner generated activity, or the date when property became due or
				  payable.
J. "Division" means the employees within the Office of the
				  Mississippi State Treasurer designated to administer the Act.
K. "Documentation" means information supplied to the
				  Treasurer by the claimant and/or the holder, which is used as a basis to
				  determine ownership of property which has been deemed to be abandoned or
				  unclaimed.
L. "Financial organization" means any federal or state
				  savings and loan association, building and loan association, credit union,
				  cooperative bank or investment company, or any similar organization which is
				  engaged in business in this state.
M. "Hearing" means an administrative review of a decision or
				  action carried out by the Treasurer or the Division, held before a hearing
				  officer designated by the Treasurer, to resolve a formal protest filed by a
				  holder or a claimant against the decision or action carried out by the
				  Division. After the review of the evidence and based upon the recommendations
				  of the hearing officer, the Treasurer issues a final order stating her
				  decision.
N. "Holder" means any person in possession of property
				  subject to the provisions of the Act 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 Act.
O. "Insurance corporation" means any association or
				  corporation transacting in this state the business of insurance involving in
				  any manner a person or property.
P. "Intangible personal property" includes, but is not
				  limited to:
1. Monies, checks, drafts, deposits, interest, dividends, and
				  income;
2. Credit balances, customer overpayments, gift certificates,
				  security deposits, refunds, credit memos, unpaid wages, unused airline tickets,
				  and unidentified remittances;
3. Monies deposited to redeem stocks, bonds, coupons, and
				  other securities, or to make distributions;
4. Amounts due and payable under the terms of insurance
				  policies;
5. 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;
6. Shares of corporate stock and other intangible ownership
				  interests in business associations; and
7. Bonds, notes and other debt obligations.
Q. "Last known address" means the address of an apparent
				  owner of unclaimed property as shown on the records of the holder for the
				  purpose of delivery of mail.
R. "Legal representative of the owner" means a person, other
				  than the original owner, claiming property on behalf of the original owner and
				  having such authority under Mississippi law.
S. "Negative report" means an unclaimed property report filed
				  by a holder in which the holder affirms that it has no unclaimed property that
				  is reportable to the Division.
T. "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 the Act, or his or her legal
				  representative.
U. "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 or
				  her own right or in a representative capacity.
V. "Treasurer" means the State Treasurer of the State of
				  Mississippi.
W. "Trust" means a legal arrangement whereby control of an
				  account or property is transferred to a person or organization for the benefit
				  of another person.
X. "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.
Miss. Code Ann.
				  Sections
				  89-12-3,
				  89-12-49.