North Dakota Code 47-30.2-01 – (102) Definitions
As used in this chapter:
Terms Used In North Dakota Code 47-30.2-01
- 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.
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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
- Contract: A legal written agreement that becomes binding when signed.
- 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.
- 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
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiduciary: A trustee, executor, or administrator.
- following: when used by way of reference to a chapter or other part of a statute means the next preceding or next following chapter or other part. See North Dakota Code 1-01-49
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Individual: means a human being. See North Dakota Code 1-01-49
- Intangible property: Property that has no intrinsic value, but is merely the evidence of value such as stock certificates, bonds, and promissory notes.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Lien: A claim against real or personal property in satisfaction of a debt.
- 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.
- Organization: includes a foreign or domestic association, business trust, corporation, enterprise, estate, joint venture, limited liability company, limited liability partnership, limited partnership, partnership, trust, or any legal or commercial entity. See North Dakota Code 1-01-49
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Process: means a writ or summons issued in the course of judicial proceedings. See North Dakota Code 1-01-49
- Property: includes property, real and personal. See North Dakota Code 1-01-49
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- 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.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See North Dakota Code 1-01-49
- United States: includes the District of Columbia and the territories. See North Dakota Code 1-01-49
1. “Administrator” means the administrator of the state abandoned property office.
2. “Administrator’s agent” means a person with which the commissioner contracts to conduct an examination under sections 47-30.2-54, 47-30.2-55, 47-30.2-56, 47-30.2-57, 47-30.2-58, 47-30.2-59, 47-30.2-60, 47-30.2-61, and 47-30.2-62 on behalf of the administrator. The term includes an independent contractor of the person and each individual participating in the examination on behalf of the person or contractor.
3. “Apparent owner” means a person whose name appears on the records of a holder as the owner of property held, issued, or owing by the holder.
4. “Board” means the board of university and school lands.
5. “Business association” means a corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, federally chartered entity, utility, sole proprietorship, or other business entity, whether or not for profit.
6. “Cashier’s check” means a check that:
a. Is purchased by a remitter and made payable to a designated payee; b. Is signed by an officer or employee of the financial organization; c. Authorizes payment of the amount shown on the check’s face to the payee; d. Is a direct obligation of the financial organization; and
e. Is provided to a customer of the financial institution or acquired from the financial institution for remittance purposes.
7. “Commissioner” means the commissioner of university and school lands.
8. “Confidential record” has the same meaning as defined in section 44-04-17.1.
9. “Department” means the department of trust lands.
10. “Domicile” means:
a. For a corporation, the state of its incorporation; b. For a business association whose formation requires a filing with a state, other than a corporation, the state of its filing; c. For a federally chartered entity, the state of its home office; and
d. For any other holder, the state of its principal place of business.
11. “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
12. “Electronic mail” means a communication by electronic means, together with attachments, which is automatically retained and stored and may be readily accessed or retrieved.
13. “Financial organization” means a savings and loan association, building and loan association, savings bank, industrial bank, bank, banking organization, private banker, trust company, credit union, or an organization defined as a bank or banking organization under the laws of this state or of the United States.
14. “Game-related digital content” means digital content that exists only in an electronic game or electronic-game platform.
a. The term includes:
(1) Game-play currency such as a virtual wallet, even if denominated in United States currency; and
(2) The following if for use or redemption only within the game or platform or another electronic game or electronic-game platform:
(a) Points sometimes referred to as gems, tokens, gold, and similar names; and
(b) Digital codes; and
b. The term does not include an item that the issuer:
(1) Permits to be redeemed for use outside a game or platform for:
(a) Money; or
(b) Goods or services that have more than minimal value; or
(2) Otherwise monetizes for use outside a game or platform.
15. “Gift card” means a record that:
a. Is usable at:
(1) A single merchant; or
(2) A specified group of merchants; b. Is prefunded before the record is used; and
c. Can be used for purchases of goods or services.
16. “Holder” means a person obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter.
17. “Insurance company” has the same meaning as defined in section 26.1-02-01, and also includes a benevolent society, nonprofit health service corporation, and a health maintenance organization.
18. “Loyalty card” means a record given without monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program which may be used or redeemed only to obtain goods or services or a discount on goods or services. The term does not include a record that may be redeemed for money or otherwise monetized by the issuer.
19. “Mineral proceeds” means an obligation:
a. To pay resulting from the production and sale of minerals, including net revenue interest, royalties, overriding royalties, production payments, and joint operating agreements; or
b. For the acquisition and retention of a mineral lease, including bonuses, delay rentals, shut-in royalties, and minimum royalties.
20. “Money order” means a payment order for a specified amount of money. The term includes an express money order and a personal money order on which the remitter is the purchaser.
21. “Municipal bond” means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state.
22. “Net card value” means the original purchase price or original issued value of a stored- value card, plus amounts added to the original price or value, minus amounts used and any service charge, fee, or dormancy charge permitted by law.
23. “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.
24. “Owner” means a person that has a legal, beneficial, or equitable interest in property subject to this chapter or the person’s legal representative when acting on behalf of and in the best interest of the owner. The term includes:
a. A depositor, for a deposit; b. A beneficiary, for a trust other than a deposit in trust; c. A creditor, claimant, or payee, for other property; and
d. The lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.
25. “Payroll card” means a record that evidences a payroll-card account that is directly or indirectly established through an employer and to which electronic fund transfers of the consumer’s wages, salary, or other employee compensation, such as commissions, are made on a recurring basis, whether the account is operated or managed by the employer, a third-party payroll processor, a depository institution, or any other person.
26. “Person” means an individual, estate, business association, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity.
27. “Property” means tangible property described in section 47-30.2-08 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder’s business or by a government, governmental subdivision, agency, or instrumentality.
a. The term includes:
(1) All income from or increments to the property; and
(2) Property referred to as or evidenced by:
(a) Money, virtual currency, interest, or a dividend, check, draft, deposit, or payroll card; (b) A credit balance, customer’s overpayment, stored-value card, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance; (c) A security except for:
(1) A worthless security; or
(2) A security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder’s or owner’s ability to receive, transfer, sell, or otherwise negotiate the security; (d) A bond, debenture, note, or other evidence of indebtedness; (e) Money deposited to redeem a security, make a distribution, or pay a dividend; (f) An amount due and payable under an annuity contract or insurance policy; (g) An amount 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 a similar benefit; (h) Intangible property and any income or increment derived from the intangible property held in a fiduciary capacity for the benefit of another person; (i) Mineral proceeds; and
(j) An in-store credit for returned merchandise. b. The term does not include:
(1) Property held in a plan described in section 529A of the Internal Revenue Code, as amended, [26 U.S.C. § 529A]; (2) Game-related digital content; (3) A loyalty card; or
(4) A gift card.
28. “Putative holder” means a person believed by the administrator to be a holder, until the person pays or delivers to the administrator property subject to this chapter or the administrator or a court makes a final determination that the person is or is not a holder.
29. “Record” has the same meaning as defined in section 44-04-17.1.
30. “Security” means:
a. A security as defined in section 41-08-02; b. A security entitlement as defined in section 41-08-02, including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not:
(1) Registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets; (2) Payable to the order of the person; or
(3) Specifically indorsed to the person; or
c. An equity interest in a business association not included in subdivision a or b.
31. “Sign” means, with present intent to authenticate or adopt a record:
a. To execute or adopt a tangible symbol; or
b. To attach to or logically associate with the record an electronic symbol, sound, or process.
32. “State” means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
33. “Stored-value card” means a card, code, or other device, including a merchandise credit or rebate card, which is:
a. Issued on a prepaid basis primarily for personal, family, or household purposes to a consumer in a specified amount, whether or not that amount may be increased or reloaded in exchange for payment; b. Redeemable upon presentation at multiple unaffiliated merchants for goods or services or usable at automated teller machines; and
c. Not a gift card, payroll card, loyalty card, or game-related digital content.
34. “Utility” means a person that owns or operates for public use a plant, equipment, real property, franchise, or license for the following public services:
a. Transmission of communications or information; b. Production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas; or
c. Provision of sewage or septic services, or trash, garbage, or recycling disposal.
35. “Virtual currency” means a digital representation of value used as a medium of exchange, unit of account, or store of value, which does not have legal tender status recognized by the United States. The term does not include:
a. The software or protocols governing the transfer of the digital representation of value; b. Game-related digital content; or
c. A loyalty card or gift card.
36. “Worthless security” means a security whose cost of liquidation and delivery to the administrator would exceed the value of the security on the date a report is due under this chapter.