B. The mailing of notice by first-class mail to the last-known address of the owner by the holder shall constitute compliance with this subsection and, if done, no further act on the part of the holder shall be necessary. 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. Intangible Property that is Presumed Abandoned. Such actuarial or other experience or statistics as may be available to show the frequency of the discovery of missing persons or their unknown heirs; 3. 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. (b) With regard to a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo. 3. Unclaimed Property Held in Safe Deposit Box 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. 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. No occupant shall use a self-service storage facility for residential purposes. You must have JavaScript enabled in your browser to utilize the functionality of this website. The property owner can have the vehicle towed from the premises or the property owner may take steps to, transfer ownership of the vehicle to themselves, Of course, homes and vehicles arent the only possessions that may be left behind by their owners. Abandonment or surrender of nonresidential rental property - Disposition of personal A holder who has paid money to the State Treasurer pursuant to the Uniform Unclaimed Property Act may make payment to any person appearing to the holder to be entitled to payment; and upon filing proof of such payment and proof that the payee was entitled thereto, the State Treasurer shall promptly reimburse the holder for the payment without imposing a fee or other charge. 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. There is hereby created in the State Treasury a revolving fund for the State Treasurer to be designated the Unclaimed Property Clearinghouse Fund. Landlord and Tenant 41-52. 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. Property Held by Banking or Financial Organizations. B. Museum includes, but is not limited to, historical societies, historical sites or landmarks, parks, monuments and libraries; 14. 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. (b) If a person other than the insured or annuitant is entitled to the funds and an address of the person is not known to the company or it is not definite and certain from the records who is entitled to the funds, it is presumed that the last-known address of the person entitled to the funds is the same as the last-known address of the insured or annuitant according to the records of the company. 7. Last-known address means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail; 11. 7. B. Oklahoma has approximately $585 million in unclaimed property and pays more than a thousand property claims every month. Find the solutions to your Oklahoma landlord tenant law problems here with our full guide to the Oklahoma Landlord Tenant Act. 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. eff. 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. If you believe other constitutional provisions or statutes should be included, please report these laws to the OCC's Office of General Counsel. Im wondering if the R1200S was a rare motorcycle or if it was very popular. A. The last-known address, as shown on the records of the holder, of the apparent owner is in this state; 2. (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. D. Automatically renewable time deposits shall be subject to this section, except that automatically renewable time deposits shall be presumed abandoned fifteen (15) years following the expiration of the initial time period of the time deposit unless, during that period the owner has: 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 this subsection, whichever is later. 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. 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. Get started now - select insurance you want to put on auto-pilot: This app is great, but the customer service is even better! Well also help you find the best deals on. C. Business association means a non-public corporation, joint-stock company, investment company, business trust, partnership, or association for business purposes of two or more individuals whether or not for profit, including a banking organization, financial organization, insurance company, or utility; 5. You should check the State Laws for updates. Any sale held under this section must be preceded by a single publication of notice, at least three (3) weeks in advance of sale in a legal newspaper of general circulation in the county where the property is to be sold, the county of residence of the holder and the county of the last-known address of the owner. 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. If you need to locate your abandoned property, you can do so via the, Oklahoma State Treasurers Unclaimed Property Program, , whose purpose is to return the unclaimed or abandoned property to its rightful owner.. 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. Oct. 1, 19789 41-51. 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. 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. A. The report must be verified and must include: 1. A. Req. 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. This form conforms to applicable state statutory law. But before we explain what those are, let us first define what qualifies as an abandoned home in the Panhandle State. Repealed by Laws 2001, SB 544 c. 133 14, emerg. 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. It also pays to know what might become of your abandoned property should you be forced to leave it behind. C. No owner of a self-service storage facility shall be liable for loss sustained by an occupant as a result of theft committed by a third party provided that ordinary care was exercised. All monies accruing to the credit of the fund are appropriated to the State Treasurer. Abandoned Property. A. 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. No travelers check shall be presumed to be abandoned if the holder has sent a statement or other business communication concerning the travelers check 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. B. 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. 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. (d) For the purposes of this act, a person who is deemed to hold property in a fiduciary capacity for a business association alone is the holder of the property only insofar as the interest of the business association in the property is concerned, and the business association is the holder of the property insofar as the interest of any other person in the property is concerned. 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. The person or entity originating or issuing the intangible property is in this state or any political subdivision of this state, or is incorporated, organized, created or otherwise located in this state. 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. This form conforms to applicable state statutory law. 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 Created By . Agriculture Title 5. 6, 198, Construction of Act. . 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. 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. 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. 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. 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. (12-1148.10A; Parker Livestock v. 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. 41-43. If the holder regularly reverses or otherwise cancels such charges or retroactively credits interest for a reason other than an error or omission by the holder, then in proportion to the extent that it does so with respect to other deposits, the holder shall likewise reverse or otherwise cancel charges or retroactively credit interest with respect to property that is reported to the State Treasurer as unclaimed under the Uniform Unclaimed Property Act. 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; 4. 19. 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. Increased or decreased the amount of the deposit; 3. Attorney General means the chief legal officer of this state; 3. of the Oklahoma Statutes or the Self-Service Storage Facility Lien Act, Section 191 et seq. Unclaimed Intangible Property Presumed Abandoned. 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. View Title. (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. Income Accruing After Payment or Delivery. (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. Download PDF Copy Title Link Download Html No Contact Found. Abandoned property refers to any personal property that is left by an owner who has intentionally relinquished all rights to its control. According to Oklahoma state law, any vehicle, left unattended on public or private property for at least 48 hours. It is run by the Oklahoma State Treasurer. The person delivering the property was not a fiduciary then in breach of trust in respect to the property and had a reasonable basis for believing, based on the facts then known to him, that the property was abandoned for the purposes of the Uniform Unclaimed Property Act; and. Vehicles abandoned on private property, however, may be dealt with in one of two ways. The State Treasurer is hereby authorized to obtain information as necessary from the Oklahoma Tax Commission to determine the last-known address of any such person. 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. Abandonment or surrender of nonresidential rental property - Disposition of personal property of tenant - Notice - Storage costs - Liability of landlord - Application of proceeds of sale. 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. I used it for my auto and renters policies. 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. Easiest way to compare and bundle your car and home insurance, for free, How to find cheap home and auto insurance in Oklahoma. 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. No. Sept. 1, 1991. 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. All of the agents are amazingly nice and knowledgeable. Mary Y. is in charge of the states abandoned property and does so through the Unclaimed Property Program, which seeks to return unclaimed property to its rightful owner. Their office hours are 8:00am to 5:00pm Monday-Friday. Mineral interests which have generated intangible personal property may be presumed by the district court to be abandoned and subject to the provisions that apply to mineral interests covered by Section 658.1 of this title and Sections 271 through 277 of Title 84 of the Oklahoma Statutes if the court determines that the mineral interests should have been reported to the State Treasurer but were not so reported as required by the Uniform Unclaimed Property Act. Not to mention convenient! 49. Property Chapter 13 Uniform Unclaimed Property Act. 4. Compare insurance quotes from 50+ carriers with Jerry in under 45 seconds ZIP Code A person making a claim under the Uniform Unclaimed Property Act after the expiration of this period is entitled to receive either the securities delivered to the State Treasurer by the holder, if they still remain in the hands of the State Treasurer, or the proceeds received from sale, less any amounts deducted pursuant to Section 668 of this title, but no person has any claim under this section against the state, the holder, any transfer agent, registrar, or other person acting for or on behalf of a holder for any appreciation in the value of the property occurring after delivery by the holder to the State Treasurer. Oklahoma City, Oklahoma 73105 | 800-522-8031 . Law Enforcement Training; News & Publications. There is hereby created in the State Treasury a revolving fund for the State Treasurer to be designated the Unclaimed Property Clearinghouse Fund. 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. "Self-service storage facility" means any real property designed and used for the purpose of renting or leasing individual storage space to occupants who are to have access to such facility for the purpose of storing and removing personal property. All monies accruing to the credit of the fund are appropriated to the State Treasurer. Unclaimed Refund Presumed Abandoned. Unclaimed Property Determination of Amount Payment of Amounts in Excess. 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. Title 60. F. For the purposes of this section, good faith means that: 1. View Title. Payment or delivery was made in a reasonable attempt to comply with the Uniform Unclaimed Property Act; 2. B. 60-2. 2014 Oklahoma Statutes Title 60. Outstanding Sums Presumed Abandoned. The State Treasurer may postpone the reporting date upon written request by any person required to file a report. No fees, ever, New quotes when prices drop automatically. What happens to abandoned vehicles in Oklahoma? Such payment shall not be made until the funds have been deposited with the Commission. That said, the Unclaimed Property Program primarily deals with jewelry, cash, royalties, checks, and the like, rather than vehicles or buildings. 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. (b) Subject to subsection (d) of this section, any sum payable on a money order or similar written instrument, other than a third-party bank check, that has been outstanding for more than seven (7) years after its issuance is presumed abandoned unless the owner, within seven (7) 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. Any property left with the landlord for a period of thirty (30) days or longer shall be conclusively determined to be abandoned and as such the landlord may dispose of said property in any manner which he deems reasonable and proper without liability to the tenant or any other interested party. The holder regularly imposes such charges or ceases payment of interest. Funds Held by Utilities. Any other discoverable and relevant data having a tendency to establish the amount of reserve necessary for the purpose stated in this section. . 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. Editorial Note: The content of this article is based on the authors opinions and recommendations alone. 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. 5. . 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. Simply download the app, fill out a short questionnaire, and in as little as 45-seconds Jerry will have compared dozens of competitive quotes from 50+ trusted insurance providers to find you the best deals possible. 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