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. USLegal has the lenders!--Apply Now--. B. No occupant shall use a self-service storage facility for residential purposes. 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. Title 60. A statement that, according to a report filed with the State Treasurer, property is being held to which the addressee appears entitled; 2. A. (f) Notwithstanding any other provision of law, if the company learns of the death of the insured or annuitant and the beneficiary has not communicated with the insurer within four (4) months after the death, the company shall take reasonable steps to pay the proceeds to the beneficiary. 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. A. Outstanding Sums Presumed Abandoned. 5616 Page 2 . That said, one may reasonably classify a home as abandoned if the owner of the propertyor a party with permission from the owner, has not lived at or maintained the property for a few years, For example, vacation homes that may only see occupancy a few months out of the year cannot be classified as abandoned, but a cabin that has sat empty and unkept for the last fifteen years may very well be considered abandoned. B. Payment or delivery was made in a reasonable attempt to comply with the Uniform Unclaimed Property Act; 2. The report must be verified and must include: 1. Where more than one person is an owner, the property shall not be presumed abandoned unless it has remained unclaimed by all of its owners for the periods hereinafter prescribed; 15. The report must be verified and must include: 1. 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. B. For purposes of subsection A of this section, property includes interest and dividends. (+Indicates article creating the Corporation Commission) (*Indicates section specifically mentioning the Corporation Commission) Oklahoma Constitution Title 2. 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. 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. Property Chapter 13 Uniform Unclaimed Property Act. If in the judgment of the State Treasurer the probable cost of sale exceeds the value of the property, it need not be offered for sale. Tax Commission or Commission means the Oklahoma Tax Commission; and. Repealed by Laws 2001, SB 544 c. 133 14, emerg. . 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. E. A 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 shall be subject to this section, except that the period of abandonment shall be fifteen (15) years. 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. . What qualifies as an abandoned vehicle in Oklahoma? The Oklahoma unclaimed money program is known as OK Treasure. (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. Title 575. B. 5. 60-658.2. There is no showing that the records under which the delivery was made did not meet reasonable commercial standards of practice in the industry. Whether youre a landlord, property owner, or squatter, knowing the legality of getting rid of or taking possession of abandoned property is useful. The Unclaimed Property Division is located at 2300 N Lincoln Blvd, Room 217 in Oklahoma City. 6, 199, Publication and Distribution of Act. You can call them at 405-521-4273 or email them at unclaimed@treasurer.ok.gov. . Title 42, Chap. (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. A. Mineral Interest in Land in Oklahoma. 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. Unclaimed Property Determination of Amount Payment of Amounts in Excess. The holder must be reimbursed for payment made under this subsection even if the holder paid a person whose claim was barred under subsection A of Section 666 of this title. 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. My husband and I got the lowest rate (much lower than the rates I was finding online through my own searches), quickly, and pretty much all through text message! 6, 198, Construction of Act. Apparent owner means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder; 2. 5. C. The running of the seven-year period of abandonment ceases immediately upon the occurrence of a communication described in subsection A of this section. B. State Board for Property and Casualty Rates. 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. (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. Where the vehicle was abandoned largely influences what happens to it. 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. (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. 60 OK Stat 60-674 (2014) What's This? Compare insurance quotes from 50+ carriers with Jerry in under 45 seconds ZIP Code 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. Browse USLegal Forms largest database of85k state and industry-specific legal forms. Reasonable notice that the holder may impose the charge or cease payment of interest is given to the owner of the property, either: b. through a schedule of charges sent to the owner of the property, or, c. through a statement in the rules, regulations, or bylaws of the holder that the holder may impose the charge or cease payment of interest; and. Under no circumstances in Oklahoma may a landlord forcibly evict a tenant by self-help means, such as changing locks. 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. Except as provided in subsections C and D of this section, the State Treasurer, within three (3) years after the receipt of abandoned property, shall sell it to the highest bidder at public sale in whatever city in the state affords in the judgment of the State Treasurer the most favorable market for the property involved. The State Treasurer may decline the highest bid and reoffer the property for sale if in the judgment of the State Treasurer the bid is insufficient. 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. (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. Last-known address means that address provided by the occupant in the latest rental agreement or the address provided by the occupant in a subsequent written notice of a change of address; 3. Well also help you find the best deals on. Increased or decreased the amount of the deposit; 3. Personal property means movable property not affixed to land and includes, but is not limited to, goods, merchandise, and household items; 6. But before we explain what those are, let us first define what qualifies as an abandoned home in the Panhandle State. Unclaimed Intangible Property Presumed Abandoned. . OK Landlord Tenant Law: Oklahoma Statutes Title 41 - Landlord and Tenant (41-1 to 41-135) If you have any questions or need legal advice, you can ask a local landlord tenant lawyer online. (b) With regard to a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo. Possession of the Self-Service Storage Facility -Abandonment or Surrendering of Occupants Possessions. There is no abandoned property docket at this time. (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. Occupants Possessions creating the Corporation Commission ) Oklahoma Constitution Title 2 money program is as... Determination of amount payment of Amounts in Excess you find the best deals on has lenders... 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