Or. Admin. Code § 170-140-0005

Current through Register Vol. 63, No. 12, December 1, 2024

Section 170-140-0005 - Definitions

For the purposes of these rules, unless the context requires otherwise, the capitalized words and phrases used in these rules have the following meanings:

(1) "Agent" means a Person who files a Claim on behalf of, and not in the stead of, a Claimant to recovery Property. "Agent" includes, but is not limited to:

(a) A guardian;

(b) A conservator;

(c) An employee of an Entity; or

(d) A contracted vendor.

(2) "Business Entity" includes a sole-proprietor, domestic or foreign limited liability company, corporation, professional corporation, foreign corporation, domestic or foreign nonprofit corporation, domestic or foreign cooperative corporation, profit or nonprofit unincorporated association, business trust, domestic or foreign general or limited partnership, or trust.

(3) "Claim" means the act of asserting a lawful entitlement to Unclaimed Property.

(4) "Claimant" means a Person asserting the legal entitlement to Unclaimed Property and includes, but is not limited to:

(a) The Owner;

(b) An heir, devisee, or distributee of a Decedent;

(c) The Successor of an Original Owner;

(d) A Bankruptcy Trustee;

(e) A Personal Representative;

(f) A Creditor who has been issued a Writ of Garnishment;

(g) Attorney-in-Fact; or

(h) Other Person legally authorized to act in the stead of a Person claiming legal entitlement to Unclaimed Property.

(5) "Entity" includes a Business Entity and a Governmental Entity.

(6) "Finder's List of Unclaimed or Escheat Property" means a report that lists the names of Owners of Unclaimed or Escheat Property in the custody of the Treasurer, and may include additional information that would assist in finding the Owners.

(7) "Governmental Entity" means the federal government, the state, any agency or political subdivision of the state or federal government, or any unit of local government.

(8) "Holder" means a Person, wherever organized or domiciled, who is in possession of Property belonging to another, a trustee, or a Person indebted to another on an obligation.

(9) "Licensed Finder" means any Person who independently searches for and finds the Owners of Unclaimed or Escheat Property for a fee paid by the Owner who is licensed by the Oregon Department of Public Safety, Standards and Training under ORS 703.430.

(10) "Military Medal" means a medal or decoration awarded to a service member for military service.

(11) "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, a depositor in case of a deposit, a beneficiary in case of a trust other than a deposit in trust, or payee in case of other intangible Property, or a Person having a legal or equitable interest in Property.

(12) "Person" means individuals, corporations, associations, firms, partnerships, limited liability companies, joint stock companies, including Business Entities, and public bodies as defined in ORS 174.109, including Governmental Entities.

(13) "Property" means Unclaimed Property and the proceeds from the sale of Unclaimed Property.

(14) "Reporting Date" means the date the safe deposit box contents are received by the Treasurer.

(15) "Successor" means a Person who by ancestry or law is next to be legally entitled to the Property of another Person.

(16) "Treasurer" means the State Treasurer as established under Article VI, section 4 of the Oregon Constitution or the State Treasurer's designee.

(17) "Treasury" means the Oregon State Treasury, which is the administrative branch of the Office of the State Treasurer.

(18) "Unclaimed Property" means any asset that is reported or delivered to the Treasurer under ORS 98.352 because the Owner cannot be found by the company or person holding the asset.

Or. Admin. Code § 170-140-0005

OST 2-2021, adopt filed 06/29/2021, effective 7/1/2021

Statutory/Other Authority: ORS 98.422 & ORS 178.050

Statutes/Other Implemented: ORS 98.422 & ORS 178.050