P.R. Laws tit. 7, § 2101
For the purposes of this chapter, the following terms shall have the meaning stated hereinbelow, unless another meaning clearly arises from the context:
(a) Commissioner. — Means the Commissioner of Financial Institutions.
(b) Owner. — Means the person entitled to claim money and other liquid assets abandoned or unclaimed whether because he is the original owner, beneficiary, or heir to such assets.
(c) Financial Institutions. — Means any federal savings bank, federal savings and loan association, savings and credit cooperative union, mortgage institution, investment company, financing company, small personal loan company, chattel leasing companies, money order sales company, international banking entity, securities broker-dealer, assignment of accounts receivable business, national bank authorized under the laws of the United States but not covered by §§ 1 et seq. of this title and trust company not covered by §§ 301 et seq. of this title.
(d) Other liquid assets. — Means those assets that can be changed into money easily or within a term less than one (1) year with no loss or with a loss that does not exceed fifty percent (50%) of its value, and includes checks, certified checks, certified money orders, bank, postal, or other money orders, travelers checks, pass books, certificates of deposit, stocks, shares, promissory notes, bonds, dividends, escrow funds, sureties, credits and other similar assets.
(e) Person. — Means any natural or juridical person.
(f) Holder. — Means any person that in the course of his business has in his custody money or other liquid assets belonging to another person, with the obligation of returning or paying them to said other person, his beneficiaries, heirs or successors in law, on a specific date or one to be determined, or when a certain or contingent event occurs, whether foreseeable or not.
History —July 28, 1989, No. 36, p. 116, § 2.