FAQ: What does “Owner”, “Tangible Personal Property” and “Intangible Personal Property” mean?
An “Owner” is simply the person that has a legal or equitable claim to the abandoned property.
“Tangible Personal Property” can be defined as that which is physical property, such as jewelry, gold and silver coins and other collectibles usually stored in safe deposit boxes.
“Intangible Personal property” is all those things not physical. Examples would be; Monies, checks, drafts, deposits, interest, dividends, and income; Credit balances, customer overpayments, gift certificates; Security deposits, refunds, credit memos, unpaid wages, un-used airline tickets, and unidentified remittances; Stocks and other intangible ownership interests in business associations; Monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions; Amounts due and payable under the terms of insurance policies; Amounts 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 similar benefits.
- FAQ: What is “Unclaimed Property” (wistatetreasury.wordpress.com)