ORS 98.302: Definitions.

As used in ORS 98.302 to 98.436 and 98.992, unless the context otherwise requires: (1) “Apparent owner” means the person whose name appears on the records of the holder as the person entitled to property held, issued or owing by the holder. (2) “Business association” means a nonpublic corporation, joint stock company, business trust, partnership, investment company or an association for business purposes of two or more individuals, whether or not for profit, including a financial institution, insurance company or utility. (3)(a) “Digital asset” means any digital representation used as a medium of exchange or store of value that is recorded on a cryptographically secured distributed ledger or any similar technology, without regard to whether each individual transaction involving that digital asset is actually recorded on that ledger, and that is not fiat currency. (b) “Digital asset” does not include: (A) The software or protocols governing the transfer of the digital representation of value; (B) Game-related digital content; or (C) A loyalty or gift card. (4) “Domicile” means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person. (5) “Financial institution” means a financial institution or a trust company, as those terms are defined in ORS 706.008, a safe deposit company, a private banker, a savings and loan association, a building and loan association or an investment company. (6) “Holder” means a person, wherever organized or domiciled, who is in possession of property belonging to another, a trustee or indebted to another on an obligation. (7) “Insurance company” means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, that is engaged in providing insurance coverage, including accident, burial, casualty, workers’ compensation, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety and wage protection insurance. (8) “Intangible property” includes: (a) Credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets and unidentified remittances; (b) Stocks and other intangible ownership interests in business associations; (c) Moneys deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions; (d) Amounts due and payable under the terms of insurance policies; (e) Amounts distributed 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; (f) Moneys, checks, drafts, deposits, interest, dividends and income; and (g) Digital assets. (9) “Last-known address” means any description, code or other indication of the location of the apparent owner which identifies a state, even if the description, code or indication of location is not sufficient to direct the delivery of first-class United States mail to the apparent owner. (10) “Lawful deduction” means a deduction related to the purpose of an account or deposit, for example, to satisfy unpaid utility bills. (11) “Owner” means a depositor in case of a deposit, a beneficiary in case of a trust other than a deposit in trust, a creditor, claimant, or payee in case of other intangible property, or a person, or the person’s legal representative, having a legal or equitable interest in property. (12)(a) “Owner contact” means documented contact between an owner and a holder regarding property that is presumed abandoned that is generated or initiated by the owner, including, without limitation: (A) The owner responding to outreach by the holder regarding the property; (B) The owner taking actions regarding the property; (C) The owner conducting a transaction regarding the property or an account in which the property is held, including deposits into or withdrawals from the account; (D) The owner conducting any activity, including logging in, with respect to an account in which the property is held or another account owned by the owner and held by the holder; and (E) The owner taking any other action that reasonably demonstrates to the holder that the owner knows that the property exists. (b) “Owner contact” does not include automated, recurring or prescheduled credit or debit transactions. (13) “Person” means an individual, business association, state or other government or political subdivision or agency, public corporation, public authority, two or more persons having a joint or common interest, or any other legal or commercial entity. (14) “Service charge” means fees or charges that are limited to a specific situation and that meet basic contractual and notice requirements. (15) “State” means any state, district, commonwealth, territory, insular possession or any other area subject to the legislative authority of the United States. (16) “Utility” means a person who owns or operates 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. [1957 c.670 §3; 1983 c.716 §1; 1993 c.694 §40; 1997 c.416 §1; 1997 c.631 §396; 2003 c.272 §1; 2009 c.294 §14; 2019 c.678 §7; 2025 c.463 §8]