Unless otherwise required by context or use, the words and terms used in this Article shall be defined as follows:

Director means the Finance Director or designee thereof.

Owner means a person, entity, including a corporation, partnership, association, governmental entity other than the Town, or a duly authorized legal representative or successor in interest of the same, which owns unclaimed property held by the Town.

Unclaimed property means any tangible or intangible property, including any income or increment derived therefrom, less any lawful charges, that is held by or under the control of the Town and which has not been claimed by its owner for a period of more than one (1) year after it became payable, recoverable or distributable or, in the case of an abandoned motor vehicle, has not been claimed by its owner for a period of not less than thirty (30) days after notification of impoundment of such vehicle, pursuant to Section 42-4-1804(4), C.R.S. The term unclaimed property shall not include tangible property which has been found by an individual and placed in the custody of the Marshal’s Department on the condition that, if such property is not claimed by its owner within thirty (30) days, the property shall become the property of the finder. (Prior code 3.24.020)