Current through Register Vol. 41, No. 25, June 23, 2022
deposit" means every deposit which is not a "time deposit" or "savings
(b) "Time deposit" means
"time certificate of deposit" and "time deposit open account".
"Time certificate of deposit" means a
deposit evidenced by a negotiable or non-negotiable instrument which provides
on its face that the amount of such deposit is payable:
(1) On a certain date, specified in the
instrument, not less than thirty (30) days after the date of the deposit.
(2) At expiration of a specified
period not less than thirty (30) days after the date of the instrument.
(3) Upon written notice to be
given out less than thirty (30) days before the date of repayment.
(d) "Time deposit, open account"
means a deposit, other than a "time certificate of deposit", with respect to
which there is in force a written contract with the depositor that neither the
whole nor any part of such deposit may be withdrawn, by check or otherwise,
prior to the date of maturity, which shall not be less than thirty (30) days
after the date of the deposit; or prior to the expiration of a period of notice
which must be given by the depositor in writing not less than thirty (30) days
in advance of withdrawals.
"Savings deposit" means a deposit with respect to which the depositor is not
required by the deposit contract but may at any time be required by the
financial institution to give notice in writing of an intended withdrawal not
less than thirty (30) days before such withdrawal is made and which is not
payable on a specified date or at the expiration of a specified time after the
date of deposit.
(f) "Charges that
may lawfully be withheld" means any type of deduction by a holder (including
service charges, holding charges and administrative costs) from property
presumed abandoned pursuant to the disposition of unclaimed property act, also
deductions by a holder from property prior to the presumption of abandonment,
which deductions were made by reason of the nonoccurrence of the events or acts
that prevent the presumption of abandonment, or by reason of the inactivity,
dormancy of unclaimed status of the property.
(g) "Memorandum on file" means a written
notation prepared in the ordinary course of business of a financial
organization reflecting an oral or written interest expressed by the owner
relating to his or her funds of deposit. To be effective as a bar to the
presumption of abandonment the memorandum must be prepared contemporaneously
with the expression of interest by the owner and prepared and dated by a
responsible representative of the financial organization.
(h) "Annual correspondence" means written
correspondence mailed first class, postage prepaid, by the holder on an annual