Definitions

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. AUTHORITY: sections 447.503, RSMo Supp. 1998 and 447.579, RSMo 1994.* This rule was previously filed as 4 CSR 25-1.005. Original rule filed June 3, 1985, effective Sept. 27, 1985. Amended: Filed Oct. 3, 1991, effective May 14, 1992. Amended: Filed April 15, 1999, effective Sept. 30, 1999. *Original authority: 447.503, RSMo 1984, amended 1986, 1993, 1994, 1998; and 447.579, RSMo 1984, amended 1993, 1994.