Section 35-12-21

Definitions.

As used in this article, unless the context otherwise requires, the following terms shall have the meanings respectively ascribed to them by this section:

(1) ALLOWED CLAIM. A claim completed and approved by the Treasurer for payment from the Unclaimed Property Claims Fund.

(2) BANKING ORGANIZATION. Any bank, trust company, savings bank, industrial bank, land bank, safe deposit company, or a private banker engaged in business in this state.

(3) BUSINESS ASSOCIATION. Any corporation other than a public corporation, joint stock company, business trust, partnership, broker, or any association for business purposes of two or more individuals.

(4) COMPLETED CLAIM. Any claim completed, executed, submitted, pursuant to all requirements set forth by the Treasurer pursuant to this article.

(5) FINANCIAL ORGANIZATION. Any savings and loan association, building and loan association, industrial loan organization, credit union, cooperative bank, or investment company engaged in business in this state.

(6) HOLDER. Any person in possession of property subject to this article belonging to another, or who is trustee in case of a trust or is indebted to another on an obligation subject to this article.

(7) INSURANCE CORPORATION. Any association or corporation transacting the business of insurance on the lives of persons or property, or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities, and also including disability, accident and health, casualty and surety insurance companies.

(8) OWNER. 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 article, or his or her legal representative.

(9) PERSON. Any individual, business association, government or political subdivision, public corporation, public authority, public official, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.

(10) PROCEEDS. Any funds received by the Treasurer pursuant to this article, including, without limitation, funds received from the sale of property pursuant to this article, and all increments, dividends, and interest.

(11) TREASURER. The Treasurer of the State of Alabama.

(12) UTILITY. 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.

(Acts 1971, No. 63, p. 101, §1; Acts 1996, No. 96-724, p. 1197, §1.)