SECTION 165:10-25-1. Definitions

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The following words or terms, when used in this Subchapter, shall have the following meaning, unless the context clearly indicates otherwise:
"Escrow account" means an account established in a financial institution and held in the name of the holder and an escrow agent wherein each owner is federally insured to One Hundred Thousand Dollars ($100,000.00).
"Financial institution" means a federally or state chartered bank, savings and loan, or credit union.
"Holder" means any person in possession of royalties, bonus payments, or other monies directed to be paid under a Commission pooling order and which cannot be paid because the persons entitled thereto are unknown or cannot be located.
"Owner" means the last known record titleholder of a mineral interest which is subject to a Commission pooling order.
"Person" means any individual, partnership, joint stock associations, trust, cooperative, unincorporated association, or corporation.

                    
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