The report must be verified and must include: 1. b. the holder is a domiciliary or a government or governmental subdivision or agency of this state and has not previously paid or delivered the property to the state of the last-known address of the apparent owner or other person entitled to the property; 4. 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. 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. 3. Abandonment or surrender of nonresidential rental property - Disposition of personal property of tenant - Notice - Storage costs - Liability of landlord - Application of proceeds of sale. eff. D. Unless the State Treasurer considers it to be in the best interest of the state to do otherwise, all securities presumed abandoned under Section 655 of this title and delivered to the State Treasurer must be held for at least two (2) years before the State Treasurer may sell them. The duty of care an owner must exercise with respect to personal property located in a self-service storage facility is ordinary care only. 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. 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 subsection A of this section, whichever is the later. It is a crucial piece of information to consider if you believe there is some unclaimed money with your name on it. You must have JavaScript enabled in your browser to utilize the functionality of this website. f. amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits; 10. First are burdens or servitudes upon land which may be attached to other land as incidents or appurtenances. , which deals with those objects forgotten, left, or illegally disposed of on another person or entitys property. Person means an individual, business association, state or other government, governmental subdivision or agency, public corporation, public authority, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity; 16. (b) Property is payable or distributable for the purposes of this act notwithstanding the owners failure to demand the property or to present an instrument or document required to receive payment of the property. 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. Sept. 1, 1991.. B. (b) With regard to a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo. D. The holder of an ownership interest under Section 655 of this title shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the State Treasurer. Increased or decreased the amount of the deposit; 3. (c) For purposes of this act, a life or endowment insurance policy or annuity contract not matured by actual proof of death of the insured according to the records of the company is matured and the proceeds due and payable if: (1) the company knows that the insured or annuitant has died; or. F. Reports filed by a holder shall remain confidential except for that information required to be subject to public inspection pursuant to the Uniform Unclaimed Property Act. You should check the State Laws for updates. The State Treasurer shall cause notice to be published not later than March 1, or in the case of property reported by life insurance companies, September 1, of the year following the report required by Section 661 of this title at least once each week for two (2) consecutive weeks in a legal newspaper of general circulation in the county in this state in which is located the last-known address of any person to be named in the notice. 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; or. The published notice must be entitled Notice of Names of Persons Appearing to be Owners of Abandoned Property, and contain: 1. 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. (e) If the laws of this state or the terms of the life insurance policy require the company to give notice to the insured or the owner that an automatic premium loan provision or other nonforfeiture provision has been exercised and the notice, given to an insured or owner whose last-known address according to the records of the company is in this state, is undeliverable, the company shall make a reasonable search to ascertain the policyholders correct address to which the notice must be mailed. B. of Title . Mineral Interest Generating Intangible Personal Property Presumed Abandoned. 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. . Outstanding Sums Presumed Abandoned. The actual experience of other states having unclaimed property laws, as to the amount of claims presented and established as compared no the total amount of property taken into state custody; 2. 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. No fees, ever, New quotes when prices drop automatically. (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. (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. 2014 Oklahoma Statutes Title 60. Added by Laws 1998, c. 306, 2, eff. The last-known address of the owner is unknown; and. 7. (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. (e) Notwithstanding any other provisions of this act, subsection (d) of this section applies to sums payable on travelers checks, money orders, and similar written instruments presumed abandoned on or after February 1, 1965, except to the extent that those sums have been paid over to a state prior to January 1, 1974. Possession of the Self-Service Storage Facility -Abandonment or Surrendering of Occupants Possessions. If any future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period of abandonment commences and relates back to the time a subsequent dividend, distribution, or other sum became due and payable. Unclaimed Property Held in Safe Deposit Box Presumed Abandoned. The expiration after September 1, 1991, of any period of time specified by contract, statute, or court order, during which a claim for money or property can be made or during which an action or proceeding may be commenced or enforced to obtain payment of a claim for money or to recover property, does not prevent the money or property from being presumed abandoned property or affect any duty to file a report or to pay or deliver abandoned property to the State Treasurer as required by the Uniform Unclaimed Property Act. Learn more here. Browse USLegal Forms largest database of85k state and industry-specific legal forms. Ive driven in snow before, but after moving to a new state even farther north, I think I need to upgrade my cars gear. View Title. 42-193. Questions of interpretation should be referred to your attorney. Universal Citation: 60 OK Stat 60-661 (2014) A. Title 575. Whether youre a landlord, property owner, or squatter, knowing the legality of getting rid of or taking possession of abandoned property is useful. 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. (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. 3. Payment or Delivery of Abandoned Property. A. C. A holder who has delivered property, including, but not limited to, a certificate of an ownership interest in a business association, other than money to the State Treasurer pursuant to the Uniform Unclaimed Property Act may reclaim the property if still in the possession of the State Treasurer, without paying any fee or other charge, upon filing proof that the owner has claimed the property from the holder. Landlord and Tenant 41-52. JavaScript seems to be disabled in your browser. A. Public Information Office; Public Notices. Unfortunately, the Oklahoma state legislature has no clear definition of an abandoned home. Repealed by Laws 1991, c. 331, 64, eff. Though it doesnt happen often, one may legally claim title to an abandoned home in Oklahoma, provided they meet the requirements necessary for an adverse possession claim. The report must be verified and must include: 1. This Notice to Tenant sets out specific directions to either retrieve items of personal property left behind by tenant, or have items be confiscated by landlord. D. The report must be filed before November 1 of each year for property reportable as of the preceding September 1, but the report of any life insurance company must be filed before May 1 of each year for property reportable as of the preceding March 1. (adsbygoogle=window.adsbygoogle||[]).push({}), Need a Personal Loan? . 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