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. Agriculture Title 5. 4. I used it for my auto and renters policies. 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. Property 60-674. In applying the Fifty Dollar ($50.00) limitation, individual credit memos to the same owner shall not be aggregated. Liens Chapter 6 Self-Service Storage Facility Lien Act, Self-Service Storage Facility Lien Act. Payment or Delivery of Abandoned Property. 6, 198, Construction of Act. B. 13, 653. The records of the holder do not reflect the last-known address of the apparent owner, and it is established that: a. the last-known address of the person entitled to the property is in this state, or. Thinking of moving to Indiana? Their office hours are 8:00am to 5:00pm Monday-Friday. If an owner issues any warehouse receipt, bill of lading, or other document of title for the personal property stored, the owner and the occupant are subject to the provisions of Article 7 of Title 12A of the Oklahoma Statutes, and the provisions of this act are not applicable. It shall be the duty of the State Treasurer to take such steps as may be necessary to preserve the principal of monies accruing to the Unclaimed Property Fund as a trust for persons claiming any interest in any property delivered to the state pursuant to the provisions of the Uniform Unclaimed Property Act. Upon presumed abandonment of the automatically renewable time deposit, the holder shall report the presumed abandonment to the State Treasurer and may, at the holders option, either retain the property or pay or deliver it to the State Treasurer. Unclaimed Intangible Property Presumed Abandoned. . B. Except as otherwise provided in subsections B and C of this section, a person who is required to file a report under Section 661 of this title, within six (6) months after the final date for filing the report as required by Section 661 of this title, shall pay or deliver to the State Treasurer all abandoned property required to be reported after first deducting therefrom expenses incurred in the mailing of notices required by subsection E of Section 661 of this title and any offsets as provided by law. premises of the nonresidential rental property that was abandoned or surrendered by the tenant or B. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of monies deposited to the fund pursuant to Section 668 of this title. F. For the purposes of this section, good faith means that: 1. C. The State Treasurer is not required to publish in the notice any items of less than Fifty Dollars ($50.00) unless the State Treasurer considers their publication to be in the public interest. Oklahoma has approximately $585 million in unclaimed property and pays more than a thousand property claims every month. . When it is found, the title (ownership) transfers to whoever finds it and possesses it with the intent to take ownership. Who is in charge of abandoned property in Oklahoma? Any such person who, pursuant to a statutory requirement, filed a bond or bonds pertaining to such abandoned property with the State Treasurer may also deduct an amount equivalent to that part of the bond premium attributable to such abandoned property. 60-658.2. (a) Except as otherwise provided by this act, all intangible personal property, including income or increment derived from the property, less any lawful charges, that is held, issued, or owing in the ordinary course of a holders business and has remained unclaimed by the owner for more than five (5) years after becoming payable or distributable is presumed abandoned. A. Find the solutions to your Oklahoma landlord tenant law problems here with our full guide to the Oklahoma Landlord Tenant Act. C. The provisions of subsection A of this section shall apply to all property held at the time of the effective date of this act, or at any time thereafter, regardless of when such property became or becomes presumptively abandoned. 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. Payment or delivery was made in a reasonable attempt to comply with the Uniform Unclaimed Property Act; 2. 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. Effect of Issuance of Warehouse Receipt, Bill of Lading, or other Document of Title for Store Personal Property. Unclaimed Property Held in Safe Deposit Box Presumed Abandoned. Nov. 1, 1998. Req. What qualifies as an abandoned home in Oklahoma? Learn more here. A statement that information concerning the property and the name and last-known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the State Treasurer; and. C. Notwithstanding the provisions of subsection B of this section or any other provision of law, the expiration of any period of time specified by law during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or recovery of property shall not serve as a defense in any action or proceeding brought by or on behalf of the State Treasurer against any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, for the payment or delivery of any abandoned property to the State Treasurer pursuant to the Uniform Unclaimed Property Act or to enforce or collect any penalty provided by the Uniform Unclaimed Property Act. (g) Commencing two (2) years after the effective date of this act, every change of beneficiary form issued by an insurance company under any life or endowment insurance policy or annuity contract to an insured or owner who is a resident of the state must request the following information: (1) the name of each beneficiary, or if a class of beneficiaries is named, the name of each current beneficiary in the class; (3) the relationship of each beneficiary to the insured.Title 60, Chap. Abandoned Property. 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. The report must be verified and must include: 1. b. the holder is a domiciliary of 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. Such payment shall not be made until the funds have been deposited with the Commission. At the expiration of a seven-year period following the failure of the owner to claim a dividend, distribution, or other sum payable to the owner as a result of the interest, the interest is not presumed abandoned unless there have been at least seven (7) dividends, distributions, or other sums paid during the period, none of which has been claimed by the owner. 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. There is no abandoned property docket at this time. Sifting through Oklahomas laws regarding abandoned vehicles can be a bit of a hassle, but there are rough guidelines as to how abandoned vehicles may be dealt with, either by law enforcement or private property owners. State Board of Examiners of Psychologists. Creation of Unclaimed Property Clearinghouse Fund Authority to Expend Monies. E. If the holder pays or delivers property to the State Treasurer in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the State Treasurer, upon written notice of the claim, shall defend the holder against the claim and, to the extent of the propertys value, shall indemnify the holder against liability on the claim. This form conforms to applicable state statutory law. A. The state outlines the following as necessary for making a valid claim: : The claim-maker must be present and use the property as though they were the lawful owner (e.g. 42-193. Title 42, Chap. The mailing of notice by first-class mail to the last-known address of the owner by the holder shall constitute compliance with this subsection and, if done, no further act on the part of the holder shall be necessary. 2014 Oklahoma Statutes Title 60. B. State means any state, district, commonwealth, territory, insular possession, or other area subject to the legislative authority of the United States; 17. Any property left with the landlord for a period of thirty (30) days or longer shall be conclusively determined to be abandoned and as such the landlord may dispose of said property in any manner which he deems reasonable and proper without liability to the tenant or any other interested party. Andrew Biro is an insurance writer with a BA in Cultural Anthropology from the University of North Carolina Greensboro. It is run by the Oklahoma State Treasurer. Law Enforcement Training; News & Publications. What happens to abandoned vehicles in Oklahoma? A. F. The Uniform Unclaimed Property Act shall not apply to patronage dividends, capital credits, customer deposits or non-negotiated payment checks held or owing by cooperative electric power or telephone associations organized under Sections 437 and 438.1 of Title 18 of the Oklahoma Statutes, rural water, sewer, gas and solid waste management districts organized under Section 1324.1 of Title 82 of the Oklahoma Statutes, or agricultural cooperative marketing or supply associations organized under Section 361 of Title 2 of the Oklahoma Statutes; when such associations are domiciled in Oklahoma. . 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: . B. 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. 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. A. If the State Treasurer sells any securities delivered pursuant to Section 655 of this title before the expiration of the two-year period, any person making a claim pursuant to the Uniform Unclaimed Property Act is entitled to either the proceeds of the sale of the securities or other market value of the securities at the time the claim is made, whichever amount is greater, less any deduction for fees pursuant to Section 668 of this title. . 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. Definition of property. 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. Intangible Property that is Presumed Abandoned. Download PDF Copy Title Link Download Html Contact Agency. Nothing in this act shall be construed as in any manner impairing or affecting the light of parties to create liens by special contract or agreement, nor shall it in any manner affect or impair other liens arising at common law in equity, or by any statute of this state. Sections 1 through 9 of this act shall be known and may be cited as the Self-Service Storage Facility Lien Act. B. D. The provisions of subsection C of this section shall apply to all abandoned property held by any federal, state or local government or governmental subdivision, agency, entity, officer or appointee thereof, at the time of enactment, or at any time thereafter, regardless of when such property became or becomes presumptively abandoned. - Fri. E-mail: Unclaimed@treasurer.ok.gov Every state has an unclaimed property program. 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