Mississippi Administrative Code
Title 38 - Treasurer
Part 4 - Uniform Disposition of Unclaimed Property Act
Chapter 1 - Introduction
Rule 38-4-1.2 - Definitions
As used in this regulation, unless the context otherwise requires:
A. "Act" means the Uniform Disposition of Unclaimed Property Act per Miss. Code Ann. Section 89-12-1 et seq.
B. "Activity" means any action taken by an owner with respect to his or her property which indicates that the owner intends for the property not to be presumed unclaimed.
C. "Aggrieved party" includes any claimant, owner, holder, or other person that asserts a grievance regarding any decision or action taken by the Unclaimed Property Division.
D. "Apparent owner" means the person who appears from the records of the holder to be entitled to property held by the holder.
E. "Banking organization" means any national or state bank, trust company, savings bank, land bank, private banker, or any similar organization which is engaged in business in this state.
F. "Business association" means any corporation, joint stock company, business trust, partnership, or any association for business purposes of TWO (2) or more individuals, whether organized for profit or nonprofit, including, but not limited to, a banking organization, financial organization, life insurance corporation and utility.
G. "Claim" means the demand with the necessary supporting ownership documents made by any person who has or appears to have an interest in unclaimed property or the proceeds from the sale of unclaimed property.
H. "Claimant" means any person or entity making a claim who has stated his or her interest in unclaimed property or the proceeds from the sale of unclaimed property.
I. "Date of last transaction" means the last date of owner contact or owner generated activity, or the date when property became due or payable.
J. "Division" means the employees within the Office of the Mississippi State Treasurer designated to administer the Act.
K. "Documentation" means information supplied to the Treasurer by the claimant and/or the holder, which is used as a basis to determine ownership of property which has been deemed to be abandoned or unclaimed.
L. "Financial organization" means any federal or state savings and loan association, building and loan association, credit union, cooperative bank or investment company, or any similar organization which is engaged in business in this state.
M. "Hearing" means an administrative review of a decision or action carried out by the Treasurer or the Division, held before a hearing officer designated by the Treasurer, to resolve a formal protest filed by a holder or a claimant against the decision or action carried out by the Division. After the review of the evidence and based upon the recommendations of the hearing officer, the Treasurer issues a final order stating her decision.
N. "Holder" means any person in possession of property subject to the provisions of the Act belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to the provisions of this Act.
O. "Insurance corporation" means any association or corporation transacting in this state the business of insurance involving in any manner a person or property.
P. "Intangible personal property" includes, but is not limited to:
1. Monies, checks, drafts, deposits, interest, dividends, and income;
2. Credit balances, customer overpayments, gift certificates, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances;
3. Monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;
4. Amounts due and payable under the terms of insurance policies;
5. Amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits;
6. Shares of corporate stock and other intangible ownership interests in business associations; and
7. Bonds, notes and other debt obligations.
Q. "Last known address" means the address of an apparent owner of unclaimed property as shown on the records of the holder for the purpose of delivery of mail.
R. "Legal representative of the owner" means a person, other than the original owner, claiming property on behalf of the original owner and having such authority under Mississippi law.
S. "Negative report" means an unclaimed property report filed by a holder in which the holder affirms that it has no unclaimed property that is reportable to the Division.
T. "Owner" means 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 the provisions of the Act, or his or her legal representative.
U. "Person" means any individual, business association, government or political subdivision or agency, corporation, public authority, estate, trust, TWO (2) or more persons having a joint or common interest, or any other legal or commercial entity whether such person is acting in his or her own right or in a representative capacity.
V. "Treasurer" means the State Treasurer of the State of Mississippi.
W. "Trust" means a legal arrangement whereby control of an account or property is transferred to a person or organization for the benefit of another person.
X. "Utility" means any person who owns or operates in 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.
Miss. Code Ann. Sections 89-12-3, 89-12-49.
