447.503. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

447.503. As used in sections 447.500 to 447.595, unless the contextotherwise requires, the following terms mean:

(1) "Banking organization", any bank, trust company, or safe depositcompany, engaged in business in this state;

(2) "Business association", any corporation, joint stock company,business trust, partnership, limited partnership, or any association forbusiness purposes, or any mutual fund or other similar entity, whetheroperating in the form of a corporation or a trust, including but notlimited to any investment companies registered under the federal InvestmentCompany Act of 1940;

(3) "Engaged in business in this state", any transaction of businesswithin this state sufficient to support personal jurisdiction in the courtsof this state;

(4) "Financial organization", any savings and loan association,credit union, or loan and investment company engaged in business in thisstate;

(5) "Holder", any person in possession of property subject tosections 447.500 to 447.595 belonging to another, or who is trustee in caseof a trust, or is indebted to another on an obligation subject to sections447.500 to 447.595;

(6) "Insurance corporation", any association or corporationtransacting within this state the business of property insurance orcasualty insurance or life insurance on the lives of persons or insuranceappertaining thereto, including, but not by way of limitation, endowmentsand annuities;

(7) "Owner", a depositor in case of a deposit, a beneficiary in caseof a trust except a trust defined in section 456.500, RSMo, the unclaimedproperty of which has not escheated pursuant to the provisions of section456.650, RSMo, a creditor, claimant, or payee in case of other choses inaction, or any person having a legal or equitable interest in propertysubject to sections 447.500 to 447.595, or such person's legalrepresentative;

(8) "Person", any individual, business association, government orpolitical subdivision, public corporation, public authority, estate, trustexcept a trust defined in section 456.500, RSMo, two or more persons havinga joint or common interest, or any other legal or commercial entity;

(9) "Reasonable and necessary diligence as is consistent with goodbusiness practice", efforts appropriate to and commensurate with the natureand value of the property at issue; however, the holder shall send a noticeregarding the unclaimed property via first class mail postage prepaid,marked "Address Correction Requested". Such letter shall be sent by theholder within twelve months prior to turning the property over to thetreasurer. Notwithstanding the provisions of this section, the holder maytreat letters sent in the ordinary course of business, first class and"Address Correction Requested" as satisfying the definition of "reasonableand necessary diligence as is consistent with good business practice". Theholder may treat notices regarding the unclaimed property as satisfying the"reasonable and necessary standard" for contacting owners. If the postalservice provides the holder with additional information as part of theaddress correction process, the holder shall send second and subsequentnotices in the same format as the first notice to any new address providedto the holder;

(10) "Treasurer", the Missouri state treasurer;

(11) "Utility", any person who owns or operates within this state,for public use, any plant, equipment, property, franchise, or license forthe transmission of communications or the production, storage,transmission, sale, delivery, or furnishing of electricity, water, steam,or gas or who engages in such business in this state.