Repealed by Laws 1978, c. 257, 39, eff. E. The purchaser at any sale conducted by the State Treasurer pursuant to the Uniform Unclaimed Property Act takes the property, free of all claims of the owner or prior holder thereof and of all persons claiming through or under them. Outstanding Sums Presumed Abandoned. Sept. 1, 1991.. of the Oklahoma Statutes or the Self-Service Storage Facility Lien Act, Section 191 et seq. As used in the Uniform Unclaimed Property Act, unless the context otherwise requires: 1. Banking organization means any bank, trust company, savings bank, safe deposit company, private banker, or any organization defined by other law as a bank or banking organization; 4. According to Oklahoma state law, any vehicle, left unattended on public or private property for at least 48 hours. (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. A person who pays or delivers property to the State Treasurer in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property. Compare insurance quotes from 50+ carriers with Jerry in under 45 seconds ZIP Code . Oklahoma Unclaimed Property Reporting Period The annual reporting period for unclaimed property in Oklahoma is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies. A. State Board of Examiners of Psychologists. B. But before we explain what those are, let us first define what qualifies as an abandoned home in the Panhandle State. A. The State Treasurer may delegate all necessary authority to act in the State Treasurers behalf to such persons, firms or corporations to enforce the provisions of the Uniform Unclaimed Property Act. (d) For purposes of this act, the application of an automatic premium loan provision or other nonforfeiture provisions contained in an insurance policy does not prevent a policy from being matured or terminated under subsection (a) of this section if the insured has died or the insured or the beneficiary of the policy otherwise has become entitled to the proceeds thereof before the depletion of the cash surrender value of a policy by the application of those provisions. Who is in charge of abandoned property in Oklahoma? Utility means a person who owns or operates for public use any plant, equipment, property, franchise, or license for the transmission of communications, or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas. 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. 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. The clerk shall also report to the board of county commissioners that the report has been received, and note the receipt in the minutes of the meeting, so the public can be informed. 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. Only one report with respect to each owner and mineral interest is necessary; subsequent reports must include complete information with respect to all new owners and new unclaimed mineral interests. Nov. 1, 1998. Vehicles abandoned on private property, however, may be dealt with in one of two ways. Abandonment or surrender of nonresidential rental property - Disposition of personal Title 42, Chap. Domicile means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person; 6. C. The rental agreement shall contain a provision directing the occupant to disclose any lienholders with an interest in property that is or will be stored in a self-service storage facility. 3. As previously stated, squatters or continuous trespassers may lay legal claim to an otherwise abandoned property as long as they meet the requirements set by Oklahomas adverse possession laws. The report must be verified and must include: 1. 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. You should check the State Laws for updates. Other securities may be sold over the counter at prices prevailing at the time of sale or by another method the State Treasurer considers advisable. 3. The State Treasurer shall be authorized to expend monies from the Unclaimed Property Clearinghouse Fund in payment of a reasonable fee not to exceed fifteen percent (15%) of the delivered funds to a person, firm, or corporation contracting with the State Treasurer providing information leading to the delivery of unclaimed property held by an out-of-state holder to the State Treasurer. Aside from that, however, Oklahoma doesnt provide much information as to what happens to the abandonment of personal property, especially when its abandoned in a public place. The State Treasurer shall send a copy of the report required by this section to the Attorney General, to the district attorney of the county in which the land is located, and to the county clerk of the county in which the land is located, and the clerk shall maintain the list for public viewing. 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. Abandonment or surrender of nonresidential rental property - Disposition of personal property of tenant - Notice - Storage costs - Liability of landlord - Application of proceeds of sale. 6, 198, Construction of Act. No. 13, 653. 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. Abandoned property refers to any personal property that is left by an owner who has intentionally relinquished all rights to its control. A. B. If a banking or financial organization has sent a statement or other business communication concerning such property to the owner by first-class mail and the statement or other business communication has not been returned for inability to make delivery to the addressee, the property shall not be presumed to be abandoned. Download PDF Copy Title Link Download Html Contact Agency. View Title. 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 60-1. The Unclaimed Property Division is located at 2300 N Lincoln Blvd, Room 217 in Oklahoma City. The fifteen-year abandonment period shall begin to run when any statement or other business communication to the owner has been returned as undeliverable, or on the last date that the owner has communicated with the holder in any of the ways specified in this subsection, whichever is later. A. USLegal has the lenders!--Apply Now--. 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. Im wondering if the R1200S was a rare motorcycle or if it was very popular. 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. Thinking of moving to Indiana? Income Accruing After Payment or Delivery. Any sum payable on a check, certified check, cashiers check, draft, or similar instrument, except those subject to Section 651.1 of this title, on which a banking or financial organization is directly liable, which has been outstanding for more than five (5) years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within five (5) years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record, on file, prepared by an employee thereof. In applying the Fifty Dollar ($50.00) limitation, individual credit memos to the same owner shall not be aggregated. Of course, navigating the specifics of these laws can be a difficult affairthats why, has put together the following article breaking down the basics of Oklahoma abandoned property law. Sections 1 through 9 of this act shall be known and may be cited as the Self-Service Storage Facility Lien Act. When you need Oklahoma Abandoned Personal Property Law, don't accept anything less than the USlegal brand . 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. 4. The holder regularly imposes such charges or ceases payment of interest. For items left in a rental unit, any property left with the landlord by the former tenant may be considered abandoned. This form conforms to applicable state statutory law. Property Held by Banking or Financial Organizations. 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. If you are a landlord who has come into the possession of abandoned personal property left by a former tenant, you may dispose of the property in whatever manner you see fitprovided you have made an attempt to contact the original owner. B. 7. 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. However, the solution isn't more government regulation. A. What happens to abandoned vehicles in Oklahoma? 7. 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. Download PDF Copy Title Link Download Html No Contact Found. The owner of a self-service storage facility shall not be liable for damages sustained by an occupant, if any, alleged to result from action taken by the owner to prevent access to the self-service storage facility after the occupant has committed an act of default pursuant to the rental agreement. Otherwise communicated with the association regarding the interest or a dividend, distribution, or other money payable as a result of the interest, as evidenced by a memorandum or other record on file with the association prepared by an employee of the association. Definitions. Creation of Unclaimed Property Clearinghouse Fund Authority to Expend Monies. Except as otherwise provided in subsections B and E of this section, stock or other intangible ownership interest in a business association, the existence of which is evidenced by records available to the association, is presumed abandoned and, with respect to the interest, the association is the holder, if a dividend, distribution, or other money payable as a result of the interest has remained unclaimed by the owner for seven (7) years and the owner within seven (7) years has not: 1. B. The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, except that items of value under Fifty Dollars ($50.00) each must be reported in the aggregate; and. A. The report must be verified and must include: 1. Their office hours are 8:00am to 5:00pm Monday-Friday. What are the best snow tires for an Acura RDX? laws governing abandoned propertybe it homes, vehicles, or other personal itemsarent extremely detailed, but they do offer a rough outline for how to claim or dispose of property left behind by the lawful owner on private or public property. Unclaimed Intangible Property Presumed Abandoned. 41-43. Oklahoma law statutorily recognizes two historically distinct types of easements. The property has a value of Fifty Dollars ($50.00) or more. The State Treasurer may enter into contracts with these persons, firms or corporations performing these services, which services may include the examination of any party subject to examination under the Uniform Unclaimed Property Act. 2. 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. Securities listed on an established stock exchange must be sold at prices prevailing at the time of sale on the exchange. 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. According to Oklahoma state law, any vehicle left unattended on public or private property for at least 48 hours may reasonably be considered abandonedprovided there is no evidence to suggest the rightful owner intends to retrieve it themselves, that is. C. Abandoned property that consists of any stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest, may be retained by the holder or paid or delivered to the State Treasurer at the option of the holder. (b) With regard to a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo. What should I do with abandoned personal property in Oklahoma? Created By . Unless otherwise provided in the Uniform Unclaimed Property Act or by other statute of this state, intangible personal property is subject to the custody of this state as unclaimed property if the conditions raising a presumption of abandonment under Sections 651.1 and 651.2 through 658.1A of this title are satisfied, and: 1. Unclaimed Property Held in Safe Deposit Box Presumed 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. Questions of interpretation should be referred to your attorney. 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 no ascertainable or apparent value, the owner may dispose of the property without any duty of accounting or any liability to any party. (c) A holder may not deduct from the amount of a travelers check or money order any charge imposed by reason of the failure to present the instrument for payment unless there is a valid and enforceable written contract between the issuer and the owner of the instrument pursuant to which the issuer may impose a charge and the issuer regularly imposes such charges and does not regularly reverse or otherwise cancel them. eff. If, at the time provided for delivery in Section 663 of this title, any penalty or forfeiture in the payment of dividends, distributions, or other sums payable as a result of the property would result from its delivery to the State Treasurer, the time for delivery shall be extended until the time when no penalty or forfeiture would result. A. Miscellaneous Personal Property Held for Another. Abandoned property is property left behind intentionally and permanently, often by a tenant, when it appears that the former owner or tenant has no intent to reclaim or use it. Financial organization means a savings and loan association, building and loan association, or credit union; 7. 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. Owner means the owner, operator, lessor, or sublessor of a self-service storage facility, his agent, or any other person authorized by him to manage the facility or to receive rent from an occupant under a rental agreement; 5. B. State means any state, district, commonwealth, territory, insular possession, or other area subject to the legislative authority of the United States; 17. Such property shall not be presumed to be abandoned if the holder has sent a statement or other business communication concerning such property to the owner by first-class mail and the statement or other business communication has not been returned for inability to make delivery to the addressee. Abandoned property - Demutualization or related reorganization of insurance company. 60-658.2. (3) the issuer has its principal place of business in this state, the records of the issuer show the state in which the travelers check, money order, or similar written instrument was purchased and the laws of the state of purchase either do not provide for the escheat or custodial taking of the property or its escheat or unclaimed property law is not applicable to the property. Browse USLegal Forms largest database of85k state and industry-specific legal forms. Unclaimed Funds Held By Life Insurance Corporations. If you believe other constitutional provisions or statutes should be included, please report these laws to the OCC's Office of General Counsel. Title 60. Note: This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions. In the case of the contents of a safe deposit box or other safekeeping repository or of other tangible personal property, a description of the property and the place where it is held, which may be inspected by the State Treasurer, and any amounts, including offsets for drilling costs and rent, owing to the holder; 4. The State Treasurer is authorized to develop procedures for the implementation of the Uniform Unclaimed Property Act. 3. Museum includes, but is not limited to, historical societies, historical sites or landmarks, parks, monuments and libraries; 14. D. Not later than March 1, or in the case of property reported by life insurance companies, not later than September 1, of the year immediately following the report required by Section 661 of this title, the State Treasurer shall mail a notice to each person whose last-known address is listed in the report and who appears to be entitled to property of the value of Fifty Dollars ($50.00) or more presumed abandoned under the Uniform Unclaimed Property Act and any beneficiary of a life or endowment insurance policy or annuity contract for whom the State Treasurer has a last-known address. (+Indicates article creating the Corporation Commission) (*Indicates section specifically mentioning the Corporation Commission) Oklahoma Constitution Title 2. 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. 2014 Oklahoma Statutes Title 41. . As used in this act, unless the context otherwise requires: 1. Tax Commission or Commission means the Oklahoma Tax Commission; and. There is no showing that the records under which the delivery was made did not meet reasonable commercial standards of practice in the industry. Oklahoma Statutes Title 42. Law Enforcement Training; News & Publications. Whenever property other than money is paid or delivered to the State Treasurer under the Uniform Unclaimed Property Act, the owner is entitled to receive from the State Treasurer dividends, interest, or other increments realized or accruing on the property at or before liquidation or conversion thereof into money. It also pays to know what might become of your abandoned property should you be forced to leave it behind. (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. 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. , which deals with those objects forgotten, left, or illegally disposed of on another person or entitys property. Liens Chapter 6 Self-Service Storage Facility Lien Act, Self-Service Storage Facility Lien Act. Unclaimed Refund Presumed Abandoned. B. 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. F. For the purposes of this section, good faith means that: 1. 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. Holder means a person, wherever organized or domiciled, who is: a. in possession of property belonging to another. Under no circumstances in Oklahoma may a landlord forcibly evict a tenant by self-help means, such as changing locks. An owner shall have the right to take such action as may be required to prevent an occupant who has committed an act of default pursuant to the rental agreement from gaining access to the self-service storage facility or any specific location at which personal property is stored by an occupant. Insurance company means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accidental, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety, and wage protection insurance; a. money, checks, drafts, deposits, interest, dividends, and income; b. credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances; c. stocks and other intangible ownership interests in business associations; d. monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions; e. amounts due and payable under the terms of insurance policies; and. Repealed by Laws 2001, SB 544 c. 133 14, emerg. There is hereby created in the State Treasury a revolving fund for the State Treasurer to be designated the Unclaimed Property Clearinghouse Fund. The State Treasurer, after having found and determined the reserve necessary as stated in this section, shall pay all amounts in custody in excess of the necessary reserve into the State Treasury to the credit of the General Revenue Fund. Unpaid wages, including wages represented by unpresented payroll checks, owing in the ordinary course of the holders business which remain unclaimed by the owner for more than one (1) year after becoming payable are presumed abandoned. Neither the holder nor the State Treasurer shall be liable for more than the value of the property, determined as of the time of its payment or delivery to the State Treasurer, if the holder paid or delivered the property to the State Treasurer in good faith. Landlord and Tenant 41-52. State Board for Property and Casualty Rates. B. Sept. 1, 1991. A. When property is intentionally abandoned, it belongs to no one until it is found. Convenient, Affordable Legal Help - Because We Care! The last-known address, as shown on the records of the holder, of the apparent owner is in a foreign nation and the holder is a domiciliary or a government or governmental subdivision or agency of this state; or, 6. Sums Payable on Travelers Check or Money Order Presumed Abandoned. (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. Or if it was very popular leave it behind c. 133 14 emerg. Owner who has intentionally relinquished all rights to its control x27 ; t anything! 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