§ 116B-52. Definitions. - North Carolina Statutes

§ 116B‑52. Definitions.

In this Chapter:

(1)        "Apparent owner" means a person whose name appearson the records of a holder as the person entitled to property held, issued, orowing by the holder.

(2)        "Business association" means a corporation, jointstock company, investment company, partnership, unincorporated association,joint venture, limited liability company, business trust, trust company, landbank, safe deposit company, safekeeping depository, financial organization,insurance company, mutual fund, utility, or other business entity consisting ofone or more persons, whether or not for profit.

(3)        "Domicile" means the state of incorporation of acorporation and the state of the principal place of business of a holder otherthan a corporation.

(4)        "Financial organization" means a savings and loanassociation, building and loan association, savings bank, industrial bank,bank, banking organization, or credit union.

(5)        "Holder" means a person obligated to hold for theaccount of or deliver or pay to the owner property that is subject to thisChapter.

(6)        "Insurance company" means an association,corporation, or fraternal or mutual benefit organization, whether or not forprofit, engaged in the business of providing life endowments, annuities, orinsurance, including accident, burial, casualty, credit life, contractperformance, dental, disability, fidelity, fire, health, hospitalization,illness, life, malpractice, marine, mortgage, surety, wage protection, andworkers' compensation insurance.

(7)        "Mineral" means gas, oil, coal, other gaseous,liquid, and solid hydrocarbons, oil shale, cement material, sand and gravel,road material, building stone, chemical raw material, gemstone, fissionable andnonfissionable ores, colloidal and other clay, steam and other geothermalresource, or any other substance defined as a mineral by the law of this State.

(8)        "Mineral proceeds" means amounts payable for theextraction, production, or sale of minerals, or, upon the abandonment of thosepayments, all payments that become payable thereafter. The term includesamounts payable:

a.         For the acquisition and retention of a mineral lease,including bonuses, royalties, compensatory royalties, shut‑in royalties,minimum royalties, and delay rentals;

b.         For the extraction, production, or sale of minerals,including net revenue interests, royalties, overriding royalties, extractionpayments, and production payments; and

c.         Under an agreement or option, including a joint operatingagreement, unit agreement, pooling agreement, and farm‑out agreement.

(9)        "Owner" means a person who has a legal orequitable interest in property subject to this Chapter or the person's legalrepresentative. The term includes a depositor in the case of a deposit, abeneficiary in the case of a trust other than a deposit in trust, and acreditor, claimant, or payee in the case of other property.

(10)      "Person" means an individual, business association,financial organization, estate, trust, government, governmental subdivision,agency, or instrumentality, or any other legal or commercial entity.

(11)      "Property" means tangible personal propertyphysically located within this State or a fixed and certain interest inintangible property that is held, issued, or owed in the course of a holder'sbusiness, or by a government, governmental subdivision, agency, orinstrumentality, and all income or increments therefrom. The term includesproperty that is referred to as or evidenced by:

a.         Money, a check, draft, deposit, interest, or dividend;

b.         Credit balance, customer's overpayment, gift certificate,security deposit, refund, credit memorandum, unpaid wage, unused ticket,mineral proceeds, or unidentified remittance;

c.         Stock or other evidence of ownership of an interest in abusiness association;

d.         A bond, debenture, note, or other evidence of indebtedness;

e.         Money deposited to redeem stocks, bonds, coupons, or othersecurities, or to make distributions;

f.          An amount due and payable under the terms of an annuity orinsurance policy, including policies providing life insurance, property andcasualty insurance, workers' compensation insurance, or health and disabilityinsurance; and

g.         An amount distributable from a trust or custodial fundestablished under a plan to provide health, welfare, pension, vacation, severance,retirement, death, stock purchase, profit sharing, employee savings,supplemental unemployment insurance, or similar benefits.

(12)      "Record" means information that is inscribed on atangible medium or that is stored in an electronic or other medium and isretrievable in perceivable form.

(13)      "State" means a state of the United States, theDistrict of Columbia, the Commonwealth of Puerto Rico, or any territory orinsular possession subject to the jurisdiction of the United States.

(14)      "Treasurer" means the Treasurer of the State ofNorth Carolina or the Treasurer's designated agent.

(15)      "Utility" means a person who owns or operates forpublic use any plant, equipment, real property, franchise, or license for thetransportation of the public, the transmission of communications, or theproduction, storage, transmission, sale, delivery, or furnishing ofelectricity, water, steam, or gas. (1999‑460, s. 6.)