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 presumed abandoned under this section at the address to which communications regarding the other relationship are regularly sent. The report must be verified and must include: 1. 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. Domicile means the state of incorporation of a corporation and the state of the principal place of business of an unincorporated person; 6. (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. The holder is not required to send written notice to the owner if the holder has previously attempted to communicate with the owner, or otherwise exercised due diligence to ascertain the whereabouts of the owner. 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 notion of expecting owners to pay a fee to "register" residential or commercial property they've abandoned doesn't make sense. What should I do with abandoned personal property in Oklahoma? A. 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. State Board for Property and Casualty Rates. 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. (a) Subject to subsection (d) of this section and except as hereinafter provided, any sum payable on a travelers check that has been outstanding for more than fifteen (15) years after its issuance is presumed abandoned unless the owner, within fifteen (15) years, has communicated in writing with the issuer concerning it or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the issuer. The property has a value of Fifty Dollars ($50.00) or more. This program does, however, primarily deal with unclaimed money in the form of checks, money orders, royalties, etc, so it may be harder to locate vehicles, homes, and the like. 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. The real property owner, legal possessor or authorized agent and the wrecker vehicle driver shall jointly, and each in the presence of the other, inventory personal property found within or upon the vehicle and each shall accordingly sign a statement on the form reflecting this requirement has been fulfilled. To learn more about property and real estate laws in Oklahoma, click on a link below. Oklahoma has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA). Rental agreement means any written agreement or lease which establishes or modifies the terms, conditions, rules, or any other provisions concerning the use and occupancy at a self-service storage facility and which contains a notice stating that all articles stored under the terms of such agreement will be sold or otherwise disposed of if no payment has been received for a continuous thirty-day period; and. The State Treasurer shall execute all documents necessary to complete the transfer of ownership. 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. Find the solutions to your Oklahoma landlord tenant law problems here with our full guide to the Oklahoma Landlord Tenant Act. There is no showing that the records under which the delivery was made did not meet reasonable commercial standards of practice in the industry. Thank you so much for a hassle free experience. 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. 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. Occupant means a person, or his sublessee, successor, or assign, entitled to the use of the storage space at a self-service storage facility under a rental agreement, to the exclusion of others; 4. A. The Oklahoma unclaimed money program is known as OK Treasure. The holder regularly imposes such charges or ceases payment of interest. . A. Unclaimed Property Held in Safe Deposit Box Presumed Abandoned. Sept. 1, 1991. 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. 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. 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. Convenient, Affordable Legal Help - Because We Care! 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. State Board of Examiners of Psychologists. 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. eff. 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. 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. Except to the extent otherwise ordered by the court or administrative agency, any sum that a business association has been ordered to refund by a court or administrative agency which has remained unclaimed by the owner for more than one (1) year after it became payable in accordance with the final determination or order providing for the refund, whether or not the final determination or order requires any person entitled to a refund to make a claim for it, is presumed abandoned. Oklahoma does, however, keep a database of. 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. 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. For purposes of subsection A of this section, property includes interest and dividends. B. 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. (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. Oklahoma Abandoned Property Self Storage Law. Title 405. (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. 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. 6, 200, (adsbygoogle=window.adsbygoogle||[]).push({}), Need a Personal Loan? 6, 198, Construction of Act. That said, the Unclaimed Property Program primarily deals with jewelry, cash, royalties, checks, and the like, rather than vehicles or buildings. Even if they are in the right according to the court or the contract, the landlord must contact law enforcement to carry out a forcible eviction. C. A holder may not impose with respect to property described in subsection A of this section any charge due to dormancy or inactivity or cease payment of interest unless: 1. 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. Law Enforcement Training; News & Publications. - Fri. E-mail: Unclaimed@treasurer.ok.gov Every state has an unclaimed property program. 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. Enforcement of this law is a matter for a court of proper jurisdiction. 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. 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. 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! 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. A. Definition of property. In that case the holder shall file with the State Treasurer a verified written explanation of the proof of claim or of the error in the presumption of abandonment. . The Unclaimed Property Division is located at 2300 N Lincoln Blvd, Room 217 in Oklahoma City. (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. Title 42, Chap. 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. was wonderful! 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