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Minnesota Legislature

Office of the Revisor of Statutes

345.31 DEFINITIONS AND USE OF TERMS.
    Subdivision 1. Scope. As used in sections 345.31 to 345.60, unless the context otherwise
requires, the terms defined in this section shall have the meanings ascribed to them.
    Subd. 2. Banking organization. "Banking organization" means any bank, trust company,
savings bank, safe deposit company or private banker engaged in business in this state.
    Subd. 3. Business association. "Business association" means any corporation, joint stock
company, business trust, partnership, cooperative, or any association for business purposes of two
or more individuals.
    Subd. 3a. Commissioner. "Commissioner" means the commissioner of commerce.
    Subd. 4. Financial organization. "Financial organization" means any savings association,
credit union, industrial loan and thrift company or investment company engaged in business in
this state.
    Subd. 5. Holder. "Holder" means any person in possession of property subject to sections
345.31 to 345.60 belonging to another, or who is trustee in case of a trust, or is indebted to
another on an obligation subject to sections 345.31 to 345.60.
    Subd. 6. Life insurance corporation. "Life insurance corporation" means any association or
corporation, including a fraternal benefit society as defined in section 64B.01, transacting within
this state the business of insurance on the lives of persons or insurance appertaining thereto,
including, but not by way of limitation, endowments and annuities.
    Subd. 6a. Money order. "Money order" includes an express money order and a personal
money order, on which the remitter is the purchaser. The term does not include a bank order or
any other instrument sold by a financial organization if the seller has obtained the name and
address of the payee.
    Subd. 7. Owner. "Owner" means a depositor in case of a deposit, a beneficiary in case of a
trust, 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 345.31 to 345.60 or the person's legal
representative.
    Subd. 8. Person. "Person" means any individual, business association, government or
political subdivision, public corporation, public authority, estate, trust, two or more persons
having a joint or common interest, or any other legal or commercial entity.
    Subd. 9. Utility. "Utility" means 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.
History: 1969 c 725 s 1; 1977 c 137 s 1,2; 1983 c 301 s 192; 1985 c 49 s 41; 1986 c 444;
1992 c 564 art 1 s 54; 1995 c 202 art 1 s 25; 2000 c 488 art 2 s 22