2011 ORS § 98.302¹
Definitions for ORS 98.302 to 98.436

As used in ORS 98.302 (Definitions for ORS 98.302 to 98.436) to 98.436 (Short title) and 98.992 (Penalty for failure to report, pay or deliver property under ORS 98.302 to 98.436), unless the context otherwise requires:

(1) Administrator means the Director of the Department of State Lands.

(2) 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.

(3) Business association means a nonpublic corporation, joint stock company, business trust, partnership, investment company or an association for business purposes of two or more individuals, whether or not for profit, including a financial institution, insurance company or utility.

(4) Domicile means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person.

(5) Financial institution means a financial institution or a trust company, as those terms are defined in ORS 706.008 (Additional definitions for Bank Act), a safe deposit company, a private banker, a savings and loan association, a building and loan association or an investment company.

(6) Holder means a person, wherever organized or domiciled, who is in possession of property belonging to another, a trustee or indebted to another on an obligation.

(7) Insurance company means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accident, burial, casualty, workers compensation, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety and wage protection insurance.

(8) Intangible property includes:

(a) Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets and unidentified remittances;

(b) Stocks and other intangible ownership interests in business associations;

(c) Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions;

(d) Amounts due and payable under the terms of insurance policies;

(e) Amounts distributed 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; and

(f) Moneys, checks, drafts, deposits, interest, dividends and income.

(9) Last-known address means a description of the location of the apparent owner sufficient for the purpose of delivery of mail.

(10) Lawful deduction means a deduction related to the purpose of an account or deposit, for example, to satisfy unpaid utility bills.

(11) Owner means a depositor in case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in case of other intangible property, or a person, or the persons legal representative, having a legal or equitable interest in property.

(12) Person means an individual, business association, state or other government or political subdivision or agency, public corporation, public authority, two or more persons having a joint or common interest, or any other legal or commercial entity.

(13) Service charge means fees or charges that are limited to a specific situation and that meet basic contractual and notice requirements.

(14) State means any state, district, commonwealth, territory, insular possession or any other area subject to the legislative authority of the United States.

(15) 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. [1957 c.670 §3; 1983 c.716 §1; 1993 c.694 §40; 1997 c.416 §1; 1997 c.631 §396; 2003 c.272 §1; 2009 c.294 §14]