Or. Admin. Code § 170-145-0005

Current through Register Vol. 63, No. 10, October 1, 2024

Section 170-145-0005 - Definitions

For the purposes of these rules, unless the context requires otherwise, the capitalized words and phrases used in these rules have the same meaning as provided in ORS 98.302 and:

(1) "Capital Gains" means gains or profit realized on the sale or exchange of a capital asset, or the excess of proceeds over cost, or other basis, from the sale of a capital asset.

(2) "Credit Memorandum" or "Credit Memo" means a transaction posted to a customer account which reduced the account balance and is related to a previously posted invoice or charge, correcting and reducing the amount originally charged.

(3) "Descendant" has the meaning given that term in ORS 111.005.

(4) "Distribution" has the meaning given that term in ORS 98.322(1)(a).

(5) "Dividend" means cash which accrues by the earnings of a company and which is paid to the Owner of securities issued by that company.

(6) "Dividend Reinvestment Plan" means additional securities of the same company which are credited to an Owner's account in lieu of cash.

(7) "Dormant" means without Owner generated activity or Owner contact for a prescribed time. See also "Inactive".

(8) "Due Diligence" means taking reasonable and necessary steps in good faith to locate the rightful Owner of Property before the Property is reported to the state.

(9) "Examination" means examining the records of any Person to determine whether the Person has complied with ORS 98.352. The Treasurer may select a Person to participate in one of the following types of Examination conducted by the Treasurer's Authorized Representatives:

(a) A full audit;

(b) A limited-scope audit, where only specific property types are reviewed; or

(c) A self-directed audit where the Person is guided through the review by the Treasurer's Authorized Representatives.

(10) "Government Body" means a court, state or other government, governmental subdivision or agency, law enforcement agency, county fiscal officer, public corporation, public authority, quasi-governmental agency, public officer of this state, political subdivision of this state, or Public Employees' Retirement System.

(11) "Holder" means a Person, wherever organized or domiciled, who is:

(a) In possession of Property belonging to another;

(b) A trustee; or

(c) Indebted to another on an obligation.

(12) "Inactive" means a lack of Owner generated activity or Owner contact for a prescribed time. See also "Dormant".

(13) "Intangible Property" has the same meaning as ORS 98.302(7), and includes, without limitation:

(a) Stored value card balances or similar electronically maintained credit balances;

(b) Virtual currencies (e.g. Bitcoin, etc.); and

(c) Unidentified remittances.

(14) "Military Medal" means a medal or decoration awarded to a Service Member for military service.

(15) "Mineral" means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this state.

(16) "Mineral proceeds" includes:

(a) All obligations to pay resulting from the production and sale of minerals, including net revenue interests, royalties, production payments, and joint operating agreements; and

(b) All obligations for the acquisition and retention of a mineral lease, including bonuses, delay rentals, shut-in royalties, and minimum royalties.

(17) "Negative Report" means the Holder did not have any Inactive accounts or other unclaimed assets to report for a particular reporting period.

(18) "Notice" has the same meaning as ORS 98.322(1)(b).

(19) "Person" has the same meaning as ORS 98.302, and includes an estate and a trust.

(20) "Positive Owner Contact" means documented contact between an Owner and the Holder; either generated or initiated by the Owner or in response to the Holder, e.g. email, phone call, letter, personal contact etc. Automated, recurring and/or prescheduled credit and debit transactions do not qualify as Positive Owner Contact.

(21) "Property" has the same meaning as ORS 98.302, and includes Tangible and Intangible Property.

(22) "Reportable" means the appropriate Dormant or Inactive period as set forth in OAR 170-145-0010 after which time an Owner has not claimed his or her asset from a Holder, and the Holder has taken appropriate steps to find the Owner, as described in 170-145-0015.

(23) "Safekeeping Depository" means any leased or rented depository used as a deposit for safekeeping of Tangible or Intangible Property.

(24) "Security" has the same meaning as ORS 98.322(1)(c).

(25) "Service Member" means the Person to whom a Military Medal was initially awarded.

(26) "Tangible Property" means:

(a) Property actually being held in a Safekeeping Depository and includes, but is not limited to:

(A) Contents of safe deposit boxes in financial organizations;

(B) Contents of safekeeping repositories located in hospitals, health-care facilities, motels, hotels, jewelry stores, department stores, professional offices, or any other site where the Holder is acting as a safekeeping custodian for the rightful Owner subject to the following exceptions:

(i) Used personal clothing or similar items with little or no commercial value.

(ii) Items that are hazardous including, but not limited to: batteries, chemicals, explosives, medical waste, ammo, and drugs or similar controlled substances.

(b) Property held for the Owner by a court, state or other government, governmental subdivision or agency, law enforcement agency, public corporation or public authority (for instance unclaimed court exhibits) subject to the following exceptions:

(A) Used personal clothing or similar items with little or no commercial value; and

(B) Items that are hazardous including, but not limited to: batteries, chemicals, explosives, medical waste, ammo, drugs or similar controlled substances.

(c) Notwithstanding the above, Military Medals are considered Tangible Property.

(27) "Stored Value Card" means an open-loop payment card with a monetary value stored on the card itself. Gift cards defined by ORS 646A.276 are not considered Stored Value Cards.

(28) "Third-party Administrator" is a Person contracted by the Holder to manage and process account records.

(29) "Treasurer" means the State Treasurer as established under Article VI, section 4 of the Oregon Constitution, the State Treasurer's designee, or the State Treasurer's Authorized Representative.

(30) "Treasurer's Authorized Representative" means a Treasury, Department of Consumer and Business Services, or Office of the Secretary of State employee or any other Person under contract with the Treasurer to conduct the Examination.

(31) "Treasury" means the Oregon State Treasury, which is the administrative branch of the Office of the State Treasurer.

(32) "U.S. Savings Bonds" has the same meaning as ORS 98.319.

Or. Admin. Code § 170-145-0005

OST 2-2021, adopt filed 06/29/2021, effective 7/1/2021; OST 3-2023, temporary amend filed 12/29/2023, effective 1/1/2024 through 6/23/2024; OST 3-2024, amend filed 06/03/2024, effective 6/10/2024

Statutory/Other Authority: ORS 178.050 & ORS 98.302 to 98.436

Statutes/Other Implemented: ORS 98.302 to 98.436 & 98.992