CODE OF VIRGINIA

DEFINITIONS (§ 55-210.2)

As used in this chapter, unless the context otherwise
requires:”Administrator” means the State Treasurer or his
designee.”Apparent owner” means the person whose name appears on the
records of the holder as the person entitled to property held, issued, or owing
by the holder.”Banking organization” means any bank, trust company,
savings bank (industrial bank, land bank, safe deposit company), or a private
banker, or any other organization defined by law as a bank or banking
organization.”Business association” means any corporation,
joint-stock company, investment company, business trust, partnership, limited
liability company, cooperative, or association for business purposes of two or
more individuals whether or not for profit, including a banking organization,
financial organization, insurance company, or utility.”Credit
balance” means an item of intangible property resulting from or
attributable to the sale of goods or services, which includes, by way of
illustration, an overpayment, credit memo, refund, discount, rebate,
unidentified remittance, or deposit.”Domicile” means (i) the state
of incorporation, in the case of a corporation incorporated under the laws of a
state, (ii) the state of organization, in the case of an unincorporated business
association formed under the laws of a state, (iii) the state of the principal
place of business, in the case of a nonnatural person not incorporated or formed
under the laws of a state, and (iv) the state of principal residency, in the
case of a natural person.”Due diligence” shall include, but not be
limited to, the mailing of a letter by first-class mail to the last known
address of the owner as indicated on the records of the holder.”Financial
organization” means any savings and loan association (cooperative bank),
building and loan association, or credit union.”Gift certificate”
means a certificate, electronic card or other medium that evidences the giving
of consideration in exchange for the right to redeem the certificate, electronic
card or other medium for goods, food, services, credit or money of an equal
value.”Holder” means a person, wherever organized or domiciled, who
is (i) in possession of property belonging to another, (ii) a trustee in case of
a trust, or (iii) indebted to another on an obligation.”Insurance
company” means an association, corporation, fraternal or mutual benefit
organization, whether or not for profit, which is engaged in providing insurance
coverage, including, by way of illustration, accident, burial, casualty, credit
life, contract performance, dental, fidelity, fire, health, hospitalization,
illness, life (including endowments and annuities), malpractice, marine,
mortgage, surety, and wage protection insurance.”Intangible
property” includes, by way of illustration, (i) moneys, checks, drafts,
deposits, interest, dividend income; (ii) credits, customer overpayments, gift
certificates, security deposits, refunds, unpaid wages, and unidentified
remittances; (iii) stocks and other intangible ownership interests in business
associations; (iv) moneys deposited to redeem stocks, bonds, coupons, and other
securities, or to make distributions; (v) amounts due and payable under the
terms of insurance policies; and (vi) amounts distributable from a trust or
custodial fund established under a plan to provide any health, welfare, pension,
vacation, severance, retirement, death, stock purchase, profit sharing, employee
savings, supplemental unemployment insurance or similar benefit.”Last
known address” means a description of the location of the apparent owner
sufficient to identify the state of residence of the apparent owner for the
purpose of the delivery of mail.”Owner” means a depositor in the
case of a deposit, a beneficiary in case of a trust, other than a deposit in
trust, a creditor, claimant, or payee in the case of other intangible property,
or a person having a legal or equitable interest in property subject to this
chapter or his legal representative.”Payable” means the earliest
date upon which the owner of property could become entitled to the payments,
possession, delivery, or distribution of such property from a
holder.”Person” means an individual, business association,
government or governmental subdivision or agency, public corporation, public
authority, estate, trust, two or more persons having a joint or common interest,
or any other legal or commercial entity.”Promotional incentive”
means a coupon, rebate or other promotional device offered to induce a consumer
to purchase goods, food or services and for which (i) no direct consideration is
given by the consumer or (ii) the consideration given is less than the value of
the goods, food or services to be received.”State,” when applied to
a part of the United States, includes any state, district, commonwealth,
territory, insular possession, and any other area subject to the legislative
authority of the United States.”Unclaimed property” means property
for which the owner, as shown by the records of the holder of his property, has
ceased, failed or neglected, within the times provided in this chapter, to make
presentment and demand for payment and satisfaction or to do any other act in
relation to or concerning such property. This definition shall be construed as
excluding any act of a holder of unclaimed property not done at the express
request or authorization of the owner.”Utility” means a person who
owns or operates, 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.

HISTORY: 1960, c. 330; 1981, c. 47; 1982, c. 331; 1983, c. 190; 1984, c. 121;
1988, c. 378; 2000, cc. 733, 745.