556.1  Definitions and use of terms.

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

1.  "Banking organization" means any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, or a private banker engaged in business in this state.

2.  "Business association" means a corporation, joint stock company, business trust, investment company, partnership, limited liability company, trust company, mutual fund, or other business entity consisting of one or more persons, whether or not for profit.

3.  "Financial organization" means any savings and loan association, building and loan association, credit union, cooperative bank or investment company, engaged in business in this state.

4.  "Holder" means any person in possession of property subject to this chapter belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to this chapter.

5.  "Life insurance corporation" means any association or corporation transacting within this state the business of insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities.

6.  "Money order" includes an express money order and a personal money order, on which the remitter is the purchaser. "Money order" does not include a bank money order or any other instrument sold by a banking or financial organization if the seller has obtained the name and address of the payee.

7.  "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 this chapter, or that person's legal representative.

8.  "Person" means any individual, business association, government or political subdivision, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.

9.  "Property" means a fixed and certain interest in or right in an intangible that is held, issued, or owed in the course of a holder's business, or by a government or governmental entity, and all income or increment therefrom, including that which is referred to as or evidenced by any of the following:

a.  Money, check, draft, deposit, interest, dividend, and income.

b.  Credit balance, customer overpayment, gift certificate, security deposit, refund, credit memorandum, unpaid wage, unused airline ticket, unused ticket, mineral proceeds, and unidentified remittance and electronic fund transfer.

c.  Stock or other evidence of ownership interests in a business association.

d.  Bond, debenture, note, or other evidence of indebtedness.

e.  Money deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions.

f.  An amount due and payable under the terms of an insurance policy, including policies providing life insurance, property and casualty insurance, workers' compensation insurance, or health and disability benefits insurance.

g.  An amount distributable from a trust or custodian 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.

h.  Amounts distributable from a mineral interest in land.

i.  Any other fixed and certain interest or right in an intangible that is held, issued, or owing in the course of a holder's business, or by a government or governmental entity.

10.  "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.

Section History: Early form

  [C71, 73, 75, 77, 79, 81, § 556.1]

Section History: Recent form

  95 Acts, ch 34, §1; 96 Acts, ch 1173, § 1, 2

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