Title 60. If you believe other constitutional provisions or statutes should be included, please report these laws to the OCC's Office of General Counsel. 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. 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. 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. (adsbygoogle=window.adsbygoogle||[]).push({}), Need a Personal Loan? 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. The notion of expecting owners to pay a fee to "register" residential or commercial property they've abandoned doesn't make sense. (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. As used in this act, unless the context otherwise requires: 1. Oklahoma Landlord Tenant Law. 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. 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. Learn About Oklahoma Property and Real Estate Laws Oklahoma Homestead Law 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. Where a rental agreement, as defined in Section 2 of this act, is entered into between the owner and the occupant, the owner of a self-service storage facility and his heirs, executors, administrators, successors, and assigns have a lien upon all personal property located at the self-service storage facility for rent, labor, or other charges, present or future, in relation to the personal property and for expenses necessary for its preservation or expenses reasonably incurred in its sale or other disposition pursuant to this act. Vehicles abandoned on private property, however, may be dealt with in one of two ways. USLegal has the lenders!--Apply Now--. Whether youre a landlord, property owner, or squatter, knowing the legality of getting rid of or taking possession of abandoned property is useful. 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. A. of Title . An abandoned vehicle is a motor vehicle that has been left unattended on the property of another for more than 96 hours, if it was left without the permission of the owner. Repealed by Laws 1991, c. 331, 64, eff. Oklahoma Disposition of Unclaimed Property Law. 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. (c) For the purpose of this section, a person who holds property as an agent for a business association is deemed to hold the property in a fiduciary capacity for that business association alone, unless the agreement between him and the business association provides otherwise. (d) No sum payable on a travelers check, money order, or similar written instrument, other than a third-party check, described in subsections (a) and (b) of this section may be subjected to the custody of this state as unclaimed property unless: (1) the records of the issuer show that the travelers check, money order, or similar written instrument was purchased in this state; (2) the issuer has its principal place of business in this state and the records of the issuer do not show the state in which the travelers check, money order, or similar written instrument was purchased; or. Any mineral interest in land in Oklahoma shall be subject to escheat under the provisions of Sections 271 through 277 of Title 84 of the Oklahoma Statutes if it generates an intangible property interest which is presumed abandoned under the Uniform Unclaimed Property Act as provided in Sections 651 through 686 of this act or under similar laws of another state. A. Andrew Biro is an insurance writer with a BA in Cultural Anthropology from the University of North Carolina Greensboro. A. Holder means a person, wherever organized or domiciled, who is: a. in possession of property belonging to another. Oklahoma has approximately $585 million in unclaimed property and pays more than a thousand property claims every month. The last-known address of the owner is unknown; and. UNCLAIMED PROPERTY ACT; MODIFYING DEFINITIONS; SPECIFYING CONDITIONS FOR PRESUMPTION OF ABANDONED . 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. 41-43. 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. Oklahoma State Treasurer - Unclaimed Property Rules Meet Treasurer McDaniel Newsroom Economic Reports Unclaimed Property Holder Information Compliance Assistance Program Download Claim Form Unclaimed Property Rules Unclaimed Property Staff Inside the Office Mission Statement Organizational Structure Staff Directory Executive Staff 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. Added by Laws 1967 . C. In this case, someone else may lay claim to the property by filing an, Everything you need to know about Section 8 Housing in Tulsa. (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. The State Treasurer may postpone the reporting date upon written request by any person required to file a report. Abandoned property refers to any personal property that is left by an owner who has intentionally relinquished all rights to its control. Not to mention convenient! Undistributed Dividends and Distributions of Business Associations. 60 OK Stat 60-674 (2014) What's This? 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. premises of the nonresidential rental property that was abandoned or surrendered by the tenant or This form conforms to applicable state statutory law. 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. Sept. 1, 1991. 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. Description Oklahoma Abandoned Personal Property Law This is an official notice from the Landlord to the Tenant. For purposes of subsection A of this section, property includes interest and dividends. Oklahoma Law Enforcement Retirement System. 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. Req. They are identified by statute as "easements attached to land." 60 Okla. Stat. 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. 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. 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. You must have JavaScript enabled in your browser to utilize the functionality of this website. Sections 1 through 9 of this act shall be known and may be cited as the Self-Service Storage Facility Lien Act. Repealed by Laws 1991, c. 331, 64, eff. Such payment shall not be made until the funds have been deposited with the Commission. 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. 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. 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. Who is in charge of abandoned property in Oklahoma? 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. B. Thinking of moving to Indiana? 2. (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. The State Treasurer may budget and expend monies from the fund for the purpose of making payment to persons, firms, or corporations who are regularly engaged in the business of notifying states about property which may be subject to the provisions of unclaimed property statutes of those states. The State Treasurer shall execute all documents necessary to complete the transfer of ownership. Unclaimed Property Held in Safe Deposit Box Presumed Abandoned. The five-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 banking or financial organization in any of the ways specified in paragraphs 1 through 5 of this subsection, whichever is the later. How many BMW R1200Ses were made in total? State Treasurer or Treasurer means the duly elected and acting State Treasurer of Oklahoma; 18. 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