Well also help you find the best deals on. of Title . 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. 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. 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 abandoned under this subsection at the address to which communications regarding the other relationship regularly are sent. Relief From Liability by Payment or Delivery. b. the holder is a domiciliary of 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. 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. Rental Agreement Lien on Personal Property at Self-Storage Facility Lien Disclosure of Lienholders. If no address is listed or if the address is outside this state, the notice must be published in the county in which the holder of the abandoned property has his or her principal place of business within this state, or in a newspaper which the State Treasurer believes most likely to be seen by the owner of the property or by heirs of the owner. Notice and Publication of Lists of Abandoned Property. 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. 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. No. (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. Liens Chapter 6 Self-Service Storage Facility Lien Act, Self-Service Storage Facility Lien Act. 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 State Treasurer is hereby vested with authority and the responsibility for the control and management of all monies in the Unclaimed Property Fund as provided for in the Uniform Unclaimed Property Act. To learn more about property and real estate laws in Oklahoma, click on a link below. Not to mention convenient! 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. 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. (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. The last-known address of the owner is unknown; and. Prohibition of Residential Use of Self-Storage Facility. 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. 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. 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 49. Added by Laws 1967 . A. Title 60. "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. 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. Ive driven in snow before, but after moving to a new state even farther north, I think I need to upgrade my cars gear. As used in the Uniform Unclaimed Property Act, unless the context otherwise requires: 1. B. (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. USLegal has the lenders!--Apply Now--. State Treasurer or Treasurer means the duly elected and acting State Treasurer of Oklahoma; 18. Jerry can even help you bundle your home and auto insurance policies to maximize your savingsno hassle or tedious paperwork required!. Description Oklahoma Abandoned Personal Property Law This is an official notice from the Landlord to the Tenant. The holder has in its records an address for the apparent owner which the holders records do not disclose to be inaccurate; 2. 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. A. (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 report must be verified and must include: 1. 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. 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. A. Oklahoma Law Enforcement Retirement System. Effect of Issuance of Warehouse Receipt, Bill of Lading, or other Document of Title for Store Personal Property. The Oklahoma Real Estate Commission shall cause the Self-Service Storage Facility Lien Act to be reproduced in a publication together with other statutes of the State of Oklahoma as are ordinarily reproduced by the Commission for distribution to the public. Property Chapter 13 Uniform Unclaimed Property Act. (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. Last-known address means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail; 11. B. A statement that if proof of claim is not presented by the owner to the holder and the right of the owner to receive the property is not established to the satisfaction of the holder before April 20, or, in the case of property reported by life insurance companies, before October 20, the property will be placed not later than May 1, or in the case of property reported by life insurance companies, not later than November 1, in the custody of the State Treasurer and all further claims must thereafter be directed to the State Treasurer. Oklahoma has approximately $585 million in unclaimed property and pays more than a thousand property claims every month. The property has a value of Fifty Dollars ($50.00) or more. Funds Held by Utilities. Editorial Note: The content of this article is based on the authors opinions and recommendations alone. Created By . The records of the holder do not reflect the identity of the person entitled to the property and it is established that the last-known address of the person entitled to the property is in this state; 3. 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. (+Indicates article creating the Corporation Commission) (*Indicates section specifically mentioning the Corporation Commission) Oklahoma Constitution Title 2. In the case of the contents of a safe deposit box or other safekeeping repository or of other tangible personal property, a description of the property and the place where it is held, which may be inspected by the State Treasurer, and any amounts, including offsets for drilling costs and rent, owing to the holder; 4. 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 seven (7) dividends, distributions, or other sums are not paid during the presumptive period, the period continues to run until there have been seven (7) dividends, distributions, or other sums that have not been claimed by the owner. Definitions. Browse USLegal Forms largest database of85k state and industry-specific legal forms. The duty of care an owner must exercise with respect to personal property located in a self-service storage facility is ordinary care only. Universal Citation: 60 OK Stat 60-661 (2014) A. The report must be verified and must include: 1. April 24, 2001.. Oklahoma law statutorily recognizes two historically distinct types of easements. Their dream car is a Black 1938 Rolls-Royce Wraith. 19. B. Andrew Biro is an insurance writer with a BA in Cultural Anthropology from the University of North Carolina Greensboro. 2. A. premises of the nonresidential rental property that was abandoned or surrendered by the tenant or Mineral interests generating intangible personal property. was wonderful! Authority and Responsibility for Control and Management of Unclaimed Property Fund. 7. Oklahoma's adverse possession law allows continuous trespassers to gain title to an otherwise abandoned piece of real estate after inhabiting it for a certain period of time. Learn more here. 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. 2. 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. Personal property means movable property not affixed to land and includes, but is not limited to, goods, merchandise, and household items; 6. What should I do with abandoned personal property in Oklahoma? The State Treasurer, after having found and determined the reserve necessary as stated in this section, shall pay all amounts in custody in excess of the necessary reserve into the State Treasury to the credit of the General Revenue Fund. Abandonment or surrender of nonresidential rental property - Disposition of personal Thank you so much for a hassle free experience. What qualifies as an abandoned vehicle in Oklahoma? USLegal has the lenders!--Apply Now--. (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. It has not been previewed, commissioned or otherwise endorsed by any of our network partners. 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. all obligations for the acquisition and retention of a mineral lease, including bonuses, delay rentals, shut-in royalties, and minimum royalties; 13. 2014 Oklahoma Statutes Title 41. E. If the holder pays or delivers property to the State Treasurer in good faith and thereafter another person claims the property from the holder or another state claims the money or property under its laws relating to escheat or abandoned or unclaimed property, the State Treasurer, upon written notice of the claim, shall defend the holder against the claim and, to the extent of the propertys value, shall indemnify the holder against liability on the claim. A. Claim for abandoned property. The last-known address, as shown on the records of the holder, of the apparent owner is in this state; 2. Oklahoma City, Oklahoma 73105 | 800-522-8031 . 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. Unclaimed Property Held in Safe Deposit Box Presumed Abandoned. The State Treasurer may postpone the reporting date upon written request by any person required to file a report. 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. For purposes of subsection A of this section, property includes interest and dividends. Mineral Interest Generating Intangible Personal 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. 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. that deals primarily with abandoned cash, checks, royalties, and the likebut well get into that later. Law Enforcement Training; News & Publications. 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. 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. 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. 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. 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