Terms Used In Arizona Laws > Title 44 > Chapter 3.1 - Unclaimed Property in Museums

• Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
• Board of directors: means the group of persons vested with the management of the affairs of the corporation irrespective of the name by which the group is designated and includes the governing body or bodies of a water users' association if the articles of incorporation of the water users' association provide for a governing body or bodies denominated other than as a board of directors. See Arizona Laws 10-140
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Director: means an individual who is or was a director of a corporation or an individual who, while a director of a corporation, is or was serving at the corporation's request as a director, officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, employee benefit plan or other entity. See Arizona Laws 10-3850
• Expenses: include attorney fees and other costs and expenses reasonably related to a proceeding. See Arizona Laws 10-3850
• Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. ^{Source: FDIC}
• Lender: means a person whose name appears on the records of the museum as the person legally entitled to property held or owing by the museum. See Arizona Laws 44-351
• Liability: means the obligation to pay a judgment, settlement, penalty or fine, including an excise tax assessed with respect to an employee benefit plan, or reasonable expenses actually incurred with respect to a proceeding and includes obligations and expenses that have not yet been paid by the indemnified persons but that have been or may be incurred. See Arizona Laws 10-3850
• Member: means , without regard to what a person is called in the articles of incorporation or bylaws, any person or persons who, pursuant to a provision of a corporation's articles of incorporation or bylaws, have the right to vote for the election of a director or directors. See Arizona Laws 10-3140
• Museum: means an organized and permanent nonprofit or public institution which is primarily educational, scientific, historic or aesthetic in purpose and which owns, borrows, cares for, studies, archives or exhibits property. See Arizona Laws 44-351
• on loan: includes all deposits of property with a museum which are not accompanied by a transfer of title to the property. See Arizona Laws 44-351
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Person: means an individual, association, trust partnership, corporation or similar organization having a legal interest in property in the possession of a museum. See Arizona Laws 44-351
• Proceeding: means any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and whether formal or informal. See Arizona Laws 10-3850
• Property: means all tangible objects, animate and inanimate, under a museum's care which have intrinsic scientific, historic, artistic or cultural value. See Arizona Laws 44-351
• Vote: includes authorization by written ballot and written consent. See Arizona Laws 10-3140