Oklahoma Disposition of Unclaimed Property Law. (a) A credit memo issued in the ordinary course of an issuers business which has a value of more than Fifty Dollars ($50.00) and remains unclaimed by the owner for more than five (5) years after becoming payable or distributable is presumed abandoned. . All intangible property, including but not limited to securities, principal, interest, dividends or other earnings thereon, less any lawful charges, held by a business association, federal, state or local government or governmental subdivision, agency or entity, or any other person or entity, regardless of where the holder may be found, if the owner has not claimed such property or corresponded in writing with the holder concerning the property within three (3) years after the date prescribed for payment or delivery by the issuer, unless the holder is a state that has taken custody pursuant to its own unclaimed property laws, in which case no additional period of holding beyond that of such state is necessary hereunder, is presumed abandoned and subject to the custody of this state as unclaimed property if: 1. B. In the case of a deposit, increased or decreased its amount or presented the passbook or other similar evidence of the deposit for the crediting of interest; 2. If seven (7) dividends, distributions, or other sums are paid during the seven-year period, the period leading to a presumption of abandonment commences on the date payment of the first such unclaimed dividend, distribution, or other sum became due and payable. Property Held by Courts, Public Officers and Agencies. Intangible property held for the owner by a court, state or other government, governmental subdivision or agency, public corporation, or public authority which remains unclaimed by the owner for more than one (1) year after becoming payable or distributable is presumed abandoned. In making such determination, the State Treasurer shall take into account the following: 1. 19. A statement that if proof of claim is not presented by the owner to the holder and the right of the owner to receive the property is not established to the satisfaction of the holder before April 20, or, in the case of property reported by life insurance companies, before October 20, the property will be placed not later than May 1, or in the case of property reported by life insurance companies, not later than November 1, in the custody of the State Treasurer and all further claims must thereafter be directed to the State Treasurer. I trusted it so much that I signed up my homeowners insurance under Jerry as well. Such payment shall not be made until the funds have been deposited with the Commission. How do you open the gas tank on the Ford Edge 2015? Browse USLegal Forms largest database of85k state and industry-specific legal forms. Default means the failure to perform in a timely manner any obligation or duty set forth in this act or the rental agreement; 2. The person or entity originating or issuing the intangible property is in this state or any political subdivision of this state, or is incorporated, organized, created or otherwise located in this state. If reimbursement is sought for a payment made on a negotiable instrument, including a travelers check or money order, the holder must be reimbursed under this subsection upon filing proof that the instrument was presented and that payment was made to a person who appeared to the holder to be entitled to payment. . Mineral interests generating intangible personal property. The person delivering the property was not a fiduciary then in breach of trust in respect to the property and had a reasonable basis for believing, based on the facts then known to him, that the property was abandoned for the purposes of the Uniform Unclaimed Property Act; and. When property is intentionally abandoned, it belongs to no one until it is found. Oklahoma Abandoned Property Self Storage Law. The duty of care an owner must exercise with respect to personal property located in a self-service storage facility is ordinary care only. All holders of intangible property interests generated by a mineral interest in land in Oklahoma shall report to the State Treasurer, in addition to the reporting otherwise required by law, the names and the last-known addresses of owners of record of the unclaimed mineral interest, the legal description of the land affected, and the extent of the property rights in the mineral interest. Added by Laws 1967 . Thinking of moving to Indiana? Had another relationship with the banking or financial organization concerning which the owner has: a. communicated in writing with the banking or financial organization; or. Personal property means movable property not affixed to land and includes, but is not limited to, goods, merchandise, and household items; 6. It is a crucial piece of information to consider if you believe there is some unclaimed money with your name on it. If the occupant abandons or surrenders possession of the self-service storage facility and leaves household goods, furnishings, fixtures, or any other personal property in the self-service storage facility, the owner may take possession of the property, and if, in the judgment of the owner the property has an ascertainable or apparent value, such property left with the owner for a period of thirty (30) days or longer shall be conclusively determined to be abandoned and as such the owner may dispose of said property in any manner which he deems reasonable and proper without liability to the occupant or any other interested party; however, before the property is disposed of, the owner shall provide written notice to the occupant, by certified mail with return receipt requested, and the owner may dispose of the property fifteen (15) days after the owner receives the return receipt document or fifteen (15) days after the owner receives a communication from the United States Post Office that the written notice was not claimed by the addressee, whichever period occurs first. 6, 198, Construction of Act. (a) Intangible property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within seven (7) years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary. NEW LAW A new section of law to be codified in the Oklahoma Statutes as Section 651.1 of Title 60, unless there is created a duplication in numbering, reads as follows: . Holders reporting to Oklahoma are required to submit their reports electronically for reports that contain 15 or more properties. may reasonably be considered abandonedprovided there is no evidence to suggest the rightful owner intends to retrieve it themselves, that is. Income Accruing After Payment or Delivery. Sections 1 through 9 of this act shall be known and may be cited as the Self-Service Storage Facility Lien Act. An abandoned vehicle may have been impounded by the state, in which case it might be possible to locate it via the, Find insurance savings it's 100% free. You should check the State Laws for updates. The names in alphabetical order and last-known address, if any, of persons listed in the report and entitled to notice within the county as specified in subsection A of this section; 2. A person holding property, tangible or intangible, presumed abandoned and subject to custody as unclaimed property under the Uniform Unclaimed Property Act shall report to the State Treasurer concerning the property as provided in this section. It also pays to know what might become of your abandoned property should you be forced to leave it behind. Rental Agreement Lien on Personal Property at Self-Storage Facility Lien Disclosure of Lienholders. To learn more about property and real estate laws in Oklahoma, click on a link below. Download PDF Copy Title Link Download Html Contact Agency. (b) Funds in an individual retirement account or a retirement plan for self-employed individuals or similar account or plan established under the Internal Revenue laws of the United States are not payable or distributable within the meaning of subsection (a) of this section unless, under the terms of the account or plan, distribution of all or part of the funds would then be mandatory. B. Oklahoma City, Oklahoma 73105 | 800-522-8031 . - Fri. E-mail: Unclaimed@treasurer.ok.gov Every state has an unclaimed property program. 5616 Page 2 . B. Oklahoma law statutorily recognizes two historically distinct types of easements. The Unclaimed Property Division is located at 2300 N Lincoln Blvd, Room 217 in Oklahoma City. The date when the property became payable, demandable or returnable, and the date of the last transaction with the owner with respect to the property. b. otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be presumed abandoned under this section at the address to which communications regarding the other relationship are regularly sent. For purposes of this section, the issuer shall be the entity responsible for the payment of the travelers check. 3. (a) Funds held or owing under any life or endowment insurance policy or annuity contract that has matured or terminated are presumed abandoned if unclaimed for more than five (5) years after the funds became due and payable as established from the records of the insurance company holding or owing the funds, but property described in paragraph (2) of subsection (c) of this section is presumed abandoned if unclaimed for more than two (2) years. Abandoned Property. 60 OK Stat 60-674 (2014) What's This? Occupant means a person, or his sublessee, successor, or assign, entitled to the use of the storage space at a self-service storage facility under a rental agreement, to the exclusion of others; 4. b. otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization and if the banking or financial organization communicates in writing with the owner with regard to the property that would otherwise be abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent. The name and last-known address of the person holding the property and any necessary information regarding the changes of name and last-known address of the holder; and. C. If the person holding property presumed abandoned and subject to custody as unclaimed property is a successor to other persons who previously held the property for the apparent owner or if the holder has changed his or her name while holding the property, the holder shall file with the report all known names and addresses of each previous holder of the property. A statement that, if satisfactory proof of claim is not presented by the owner to the holder by the date specified in the published notice, the property will be placed in the custody of the State Treasurer and all further claims must be directed to the State Treasurer. Unclaimed Property Determination of Amount Payment of Amounts in Excess. F. For the purposes of this section, good faith means that: 1. A statement that, according to a report filed with the State Treasurer, property is being held to which the addressee appears entitled; 2. Browse USLegal Forms largest database of85k state and industry-specific legal forms. All tangible and intangible personal property held in a safe deposit box or other safekeeping repository in this state in the ordinary course of the holders business and proceeds resulting from the sale of the property permitted by other law, which remain unclaimed by the owner for more than five (5) years after the lease or rental period on the box or other repository has expired, are presumed abandoned. 6, 191. Even if they are in the right according to the court or the contract, the landlord must contact law enforcement to carry out a forcible eviction. (d) For the purposes of this act, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned. State means any state, district, commonwealth, territory, insular possession, or other area subject to the legislative authority of the United States; 17. The following funds held or owing by any utility are presumed abandoned: Any deposit made by a subscriber with a utility to secure payment for, or any sum paid in advance for, utility services to be furnished in this state, less any lawful deductions, that has remained unclaimed by the person appearing on the records of the utility entitled thereto for more than seven (7) years after the termination of the services for which the deposit or advance payment was made. The transaction out of which the property arose occurred in this state, and, (1) the last-known address of the apparent owner or other person entitled to the property is unknown, or, (2) the last-known address of the apparent owner or other person entitled to the property is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property, and. Unclaimed Property Division Oklahoma State Treasurer 9520 N. May Ave., Lower Level Oklahoma City , OK 73120 (405) 521-4273 Office Hours: 9:00 am to 5:00 pm Mon. Unclaimed Intangible Property Presumed Abandoned. All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Oklahoma's unclaimed property laws and regulations. The name, if known, and last-known address, if any, of each person appearing from the records of the holder to be the owner of property of the value of Fifty Dollars ($50.00) or more presumed abandoned under the Uniform Unclaimed Property Act; 2. No. 8. C. A holder may not impose with respect to property described in subsection A of this section any charge due to dormancy or inactivity or cease payment of interest unless: 1. If an occupant damages any real or personal property of the owner in order to attempt to regain access to a self-service storage facility, or any component of a self-service storage facility, including but not limited to the destruction of a padlock or similar device, in addition to criminal liability, the occupant shall be liable for the damage caused and the owner of the self-service storage facility may add the damages or expenses incurred as a result of the action taken by the occupant to the amount of unpaid storage charges for purposes of enforcing the lien authorized by Section 6 of this act. Upon delivery of a duplicate certificate to the State Treasurer, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of liability as provided in Section 664 of this title to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the State Treasurer, for losses or damages resulting to any person by the issuance and delivery to the State Treasurer of the duplicate certificate. C. No owner of a self-service storage facility shall be liable for loss sustained by an occupant as a result of theft committed by a third party provided that ordinary care was exercised. The last-known address of the owner is unknown; and. An abandoned vehicle may be located via the Oklahoma Department of Public Safetys, , which keeps a running record of all vehicles impounded by the state.. Otherwise indicated an interest in the property as evidenced by a memorandum or other record on file prepared by an employee of the banking or financial organization; 4. The State Treasurer shall determine, from time to time, what amount of unclaimed property in custody should be retained as a reserve in order to ensure that all claims presented by persons legally establishing a right to any unclaimed property shall be paid promptly. Abandoned property - Demutualization or related reorganization of insurance company. Any demand, savings, or matured time deposit with a banking or financial organization, and any funds paid toward the purchase of a share, a mutual investment certificate, or any other interest in a banking or financial organization is presumed abandoned, unless the owner, within five (5) years has: 1. State Board of Examiners of Psychologists. Oct. 1, 19789 41-51. Such actuarial or other experience or statistics as may be available to show the frequency of the discovery of missing persons or their unknown heirs; 3. A person making a claim under the Uniform Unclaimed Property Act after the expiration of this period is entitled to receive either the securities delivered to the State Treasurer by the holder, if they still remain in the hands of the State Treasurer, or the proceeds received from sale, less any amounts deducted pursuant to Section 668 of this title, but no person has any claim under this section against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the State Treasurer. The report must be verified and must include: 1. You must have JavaScript enabled in your browser to utilize the functionality of this website. The last-known address, as shown on the records of the holder, of the apparent owner is in a state that does not provide by law for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property, and the holder is a domiciliary, government, or governmental subdivision or agency, including a municipality, of this state; 5. Oklahoma Statutes Title 42. The provisions of subsection A of this section shall not apply to property which is or may be presumed abandoned and subject to the custody of this state pursuant to any other provision of law containing a dormancy period different than that prescribed in subsection A of this section. A. Intangible property distributable in the course of a dissolution of a business association which remains unclaimed by the owner for more than one (1) year after the date specified for final distribution is presumed abandoned. 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