Abandoned Property - Unclaimed Property Held By Brokers - Definitions


Published: 2014-09-22

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Subscribe Now for only USD$40 per month.
§ 510. Definitions. When used in this article, the following items
shall have the following meanings:

1. "Corporation" shall include any joint stock company, corporation,
association of two or more individuals, committee, public authority, or
business trust.

2. "Public issuer" shall include the United States, the several states
and territories thereof, political subdivisions and municipal
corporations within such states and territories, foreign countries and
political subdivisions and municipal corporations within such foreign
countries.

3. "Security" shall include:

(a) Any instrument issued by a corporation or public issuer to
evidence an obligation to make any payment of the principal amount of a
debt or of any increment due or to become due thereon, or

(b) Any instrument issued by a corporation to evidence a proprietary
interest therein except:

(i) A policy of insurance issued by a mutual insurance corporation, or

(ii) A share issued by a savings and loan association, a building and
loan association, or a credit union.

4. "Broker" shall include any individual or corporation engaging in
the purchase, sale or exchange of securities for or on behalf of any
customer.

5. "Dealer" shall include any individual or corporation engaging in
any state as a regular business in the purchase, sale or exchange of
securities for his or its own account, through a broker or otherwise.

6. (a) "Customer" shall include any individual or corporation entering
into a contract with a broker or dealer by which such broker or dealer
agrees to effect the purchase, sale, or exchange, or to keep custody of
any security for or on behalf of such individual or corporation. The
term "customer" shall also include any individual or corporation
entering into a contract with a broker or dealer whereby such broker or
dealer for his own account buys from or sells to such individual or
corporation, any security.

(b) If on the books of account located at an office in this state of a
broker or dealer there is indicated a balance to the credit of an
individual or corporation with a last-known address in a state other
than this state, such individual or corporation shall not be deemed a
"customer".

7. "Amount" shall mean that term as defined in subdivision seven of
section five hundred of this chapter.

8. "Wages" shall include moneys payable, under contract or otherwise,
for services rendered to a broker or dealer, less lawful deductions.