For purposes of this chapter, the following terms shall have the following meanings.
ABANDONED INTANGIBLE PROPERTY. Any fixed and certain interest in intangible property held, issued, or owned in the ordinary course of the town’s business, including without limitation cash, checks, drafts, deposits, interest, dividends, income, credit balances, customer overpayments, gift cards, refunds, unpaid wages or pension benefits, reimbursements, stocks, unpaid wages, and interest or income derived therefrom that is held by or under the control of the town that has not been claimed by its owner for a period of more than one year after the property became distributable.
OWNER. A person that owns unclaimed property held by the town or his or her duly authorized legal representative or successor in interest.
UNCLAIMED PROPERTY. Any tangible or intangible property, except abandoned intangible property or jewelry, that is held by or under the control of the Town that has not been claimed by its owner for a period of more than 90 days after the Town took possession of the property.
(Ord. 1(2021) § 1; Ord. 10(2023) § 1)