Terms Used In Indiana Code > Title 32 > Article 34 - Lost or Unclaimed Personal Property

• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
• Appraisal: A determination of property value.
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
• creditor: means the person who has lawfully repossessed a vehicle. See Indiana Code 32-34-4-1
• customer: means an individual or entity that causes another individual or entity to make a silk screen or to use a silk screen to manufacture, assemble, or make a product. See Indiana Code 32-34-7-2
• customer: means an individual or entity who contracts with or causes a fabricator:

  Indiana Code 32-34-6-2

• debtor: means the person from whom a vehicle is repossessed. See Indiana Code 32-34-4-2
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. ^{Source: U.S. Courts}
• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Executor: A male person named in a will to carry out the decedent
• fabricator: means an individual or entity, including a tool or die maker, who:

  Indiana Code 32-34-6-3

• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Legal tender: coins, dollar bills, or other currency issued by a government as official money. ^{Source: U.S. Mint}
• lender: means a person whose name appears on the records of a museum as the person legally entitled to, or claiming to be legally entitled to, property held by the museum. See Indiana Code 32-34-5-1
• Lien: A claim against real or personal property in satisfaction of a debt.
• loan: means a deposit of property not accompanied by a transfer of title to the property. See Indiana Code 32-34-5-3
• marina operator: means a person, a firm, a corporation, a limited liability company, a municipality, or another unit of government that is engaged in the business of operating a marina. See Indiana Code 32-34-10-1
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• Month: means a calendar month, unless otherwise expressed. See Indiana Code 1-1-4-5
• Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
• museum: means an institution located in Indiana that:

  Indiana Code 32-34-5-4

• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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.
• permanent loan: means a loan of property to a museum for an indefinite period. See Indiana Code 32-34-5-5
• person: means an individual, a nonprofit corporation, a trustee or legal representative, the state, a political subdivision (as defined in IC 36-1-2-13), an agency of the state or a political subdivision, or a group of those persons acting in concert. See Indiana Code 32-34-5-6
• Personal property: All property that is not real property.
• Personal property: includes goods, chattels, evidences of debt, and things in action. See Indiana Code 1-1-4-5
• property: means a tangible object under a museum's care that has intrinsic historic, artistic, scientific, or cultural value. See Indiana Code 32-34-5-7
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. ^{Source: FDIC}
• Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
• Sheriff: means the sheriff of the county or another person authorized to perform sheriff's duties. See Indiana Code 1-1-4-5
• silk screen maker: means an individual or entity that makes a silk screen. See Indiana Code 32-34-7-3
• silk screen user: means an individual or entity that uses a silk screen to manufacture, assemble, or make a product. See Indiana Code 32-34-7-4
• timber: means trees, whether standing, down, or prepared for sale, sawlogs and all other logs, cross and railroad ties, boards, planks, staves and heading, and other trees cut or prepared for market. See Indiana Code 32-34-9-1
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• undocumented property: means property in the possession of a museum for which the museum cannot determine the owner by reference to the museum's records. See Indiana Code 32-34-5-8
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• value: means the amount of money that a reasonable person would estimate a willing buyer would pay for an item of personal property. See Indiana Code 32-34-4-3
• vehicle: means a motor vehicle or a watercraft. See Indiana Code 32-34-4-4
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• Writ: A formal written command, issued from the court, requiring the performance of a specific act.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5