- (a) This part adopts the definitions set forth in Arkansas Code § 18-28-201.
(b) In addition to the definitions set forth in Arkansas Code § 18-28-201, this part defines the following terms:
(1)
- (A) “Descendants” means an individual’s children, grandchildren, and all others, however remotely related to such a person, who are in a direct line of descent from the individual.
- (B) In other words, the term “descendants” refers to lineal descendants and excludes an intestate's ascendants or collateral relatives.
- (C) The term “descendants”, wherever used in this part, shall also include adopted children and their descendants of the intestate or of any other person in connection with whom the term “descendants” may be used.
- (D) In determining which of an intestate’s descendants shall constitute an inheriting class, the descendants of a living descendant shall be excluded from the class;
(2)
- (A) “Due diligence” means taking reasonable and necessary steps in good faith to locate the rightful owner of property before the property is reported to the state.
- (B) Due diligence may be performed via email or other electronic means.
- (C) Due diligence should include documentary proof of the steps taken;
(3)
- (A) “Dying intestate” means dying without a valid last will and testament.
- (B) A person so dying is referred to in this part as an “intestate”, and it is recognized that a person may die wholly or partially intestate; and
- (4) “Positive owner contact” means any reasonable contact between an owner and the holder, either generated or initiated by the owner or in response to the holder.