Mo. Rev. Stat. § 447.503

Current with changes from the 2024 Legislative Session

Section 447.503 - Definitions

As used in sections 447.500 to 447.595, unless the context otherwise requires, the following terms mean:

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

(2)"Business association", any corporation, joint stock company, business trust, partnership, limited partnership, or any association for business purposes, or any mutual fund or other similar entity, whether operating in the form of a corporation or a trust, including but not limited to any investment companies registered under the federal Investment Company Act of 1940;

(3)"Business credit", any credit offered by one business entity to another business entity to be applied in exchange for goods or services but does not have a redeemable cash value;

(4)"Engaged in business in this state", any transaction of business within this state sufficient to support personal jurisdiction in the courts of this state;

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

(6)"Holder", any person in possession of property subject to sections 447.500 to 447.595 belonging to another, or who is trustee in case of a trust, or is indebted to another on an obligation subject to sections 447.500 to 447.595;

(7)"Insurance corporation", any association or corporation transacting within this state the business of property insurance or casualty insurance or life insurance on the lives of persons or insurance appertaining thereto, including, but not by way of limitation, endowments and annuities;

(8)"Military medals", any decoration or award that may be presented or awarded to a member of a unit of the Armed Forces or National Guard;

(9)"Owner", a depositor in case of a deposit, a beneficiary in case of a trust except a trust defined in section 456.500*, the unclaimed property of which has not escheated pursuant to the provisions of section 456.650**, a creditor, claimant, or payee in case of other choses in action, or any person having a legal or equitable interest in property subject to sections 447.500 to 447.595, or such person's legal representative;

(10)"Person", any individual, business association, government or political subdivision, public corporation, public authority, estate, trust except a trust defined in section 456.500*, two or more persons having a joint or common interest, or any other legal or commercial entity;

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

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

(13)"Utility", any person who owns or operates within this state, for public use, any plant, equipment, property, franchise, or license for the 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.

§ 447.503, RSMo

Amended by 2014 Mo. Laws, HB 1075,s A, eff. 8/28/2014.

L. 1984 H.B. 1088 § 1, A.L. 1986 H.B. 1547, A.L. 1993 H.B. 566, A.L. 1994 S.B. 757, A.L. 1998 H.B. 1510, A.L. 2010H.B. 1524 & A.2260