Current through Register Vol. XLI, No. 50, December 13, 2024
Section 112-5-2 - Definitions2.1. For the purposes of this rule, the definitions and use of terms contained in W. Va. Code § 36-8-1 et seq., have the same use and meaning as prescribed to them by the Code, unless a different meaning is clearly required by the context. Additionally, for purposes of this rule, the following definitions apply:2.1.1. "Act" means the Uniform Unclaimed Property Act, W. Va. Code § 36-8-1, et seq., and the rules promulgated under the Act.2.1.2. "Dormancy Charge" means any charge deducted by a holder from property subject to the Act, which is imposed solely by virtue of the inactivity of that property.2.1.3. "Due Diligence" means the notice that a holder must provide to an owner pursuant to § 36-8-7(e).2.1.4. "Indication of Interest in Property" occurs when the owner takes any action described in § 36-8-2(c) or (d) of the Act which prevents a presumption of abandonment.2.1.5. "Last Activity Date" means the last verifiable date of owner authorized activity or contact with the property being remitted to the administrator.2.1.6. "NCIC" means the National Crime Information Center.2.1.7. "Non-freely transferable security" means a security that cannot be delivered to the administrator by the Depository Trust Clearing Corporation or similar custodian of securities providing post-trade clearing and settlement services to financial markets or cannot be delivered because there is no agent to effect transfer. The term includes a worthless security.2.1.8. "Safe Deposit Box" means any safe, vault, safekeeping repository, or collateral deposit box held by a financial institution.2.1.9. "Stock or other equity interest in a business association or financial organization" for purposes of the presumptions of abandonment set forth in W. Va. Code § 36-8-2(a)(3) means any dividends, interest, unmatured bond principal, shares of stock, unexchanged stock of successor corporation, other certificates of ownership, underlying shares, U.S. government securities, mutual fund shares, matured or redeemed bond principal, and dividend reinvestment plans.2.1.10. "UUIO Act" means the Unknown and Unlocatable Interest Owners Act, codified in W. Va. Code § 37B-2-1, et seq.2.1.11. "UUIO holder" means a person or entity obligated under the UUIO Act to hold reserved interests for the account of, or deliver or pay to, an owner.2.1.12. "UUIO owner" means an unknown or unlocatable interest owner as defined in West Virginia Code § 37B-1-3.