The Unclaimed Property Division is located at 2300 N Lincoln Blvd, Room 217 in Oklahoma City. What qualifies as abandoned personal property in Oklahoma? As used in the Uniform Unclaimed Property Act, unless the context otherwise requires: 1. 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. The property has a value of Fifty Dollars ($50.00) or more. Convenient, Affordable Legal Help - Because We Care! Property 60-1. 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. According to Oklahoma state law, any vehicle left unattended on public or private property for at least 48 hours may reasonably be considered abandonedprovided there is no evidence to suggest the rightful owner intends to retrieve it themselves, that is. B. Property Held by Banking or Financial Organizations. (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. Default means the failure to perform in a timely manner any obligation or duty set forth in this act or the rental agreement; 2. Title 575. As used in this act, unless the context otherwise requires: 1. Oklahoma Landlord Tenant Law. 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. Unclaimed Funds Held By Life Insurance Corporations. 7. 5616 Page 2 . 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. In applying the Fifty Dollar ($50.00) limitation, individual credit memos to the same owner shall not be aggregated. According to Oklahoma state law, any vehicle, left unattended on public or private property for at least 48 hours. The published notice must be entitled Notice of Names of Persons Appearing to be Owners of Abandoned Property, and contain: 1. Universal Citation: 41 OK Stat 41-52 (2014) A. 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. Insurance company means an association, corporation, fraternal or mutual benefit organization, whether or not for profit, which is engaged in providing insurance coverage, including accidental, burial, casualty, credit life, contract performance, dental, fidelity, fire, health, hospitalization, illness, life (including endowments and annuities), malpractice, marine, mortgage, surety, and wage protection insurance; a. money, checks, drafts, deposits, interest, dividends, and income; b. credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances; c. stocks and other intangible ownership interests in business associations; d. monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions; e. amounts due and payable under the terms of insurance policies; and. You must have JavaScript enabled in your browser to utilize the functionality of this website. 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. 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. Attorney General means the chief legal officer of this state; 3. A. 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. 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. 6, 199, Publication and Distribution of Act. Nov. 1, 1998. 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. (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. Download PDF Copy Title Link Download Html No Contact Found. 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. C. Unless the State Treasurer considers it to be in the best interest of the state to do otherwise, all securities, other than those presumed abandoned under Section 655 of this title, delivered to the State Treasurer must be held for at least one (1) year before the State Treasurer may sell them. Oklahoma Disposition of Unclaimed Property Law. Financial organization means a savings and loan association, building and loan association, or credit union; 7. The holder regularly imposes such charges or ceases payment of interest. Effect of Issuance of Warehouse Receipt, Bill of Lading, or other Document of Title for Store Personal Property. Payment or delivery was made in a reasonable attempt to comply with the Uniform Unclaimed Property Act; 2. Compare insurance quotes from 50+ carriers with Jerry in under 45 seconds ZIP Code 3. A. For items left in a rental unit, any property left with the landlord by the former tenant may be considered abandoned. April 24, 2001.. Items such as appliances, furniture, clothes, and the like all fall under. Questions of interpretation should be referred to your attorney. Museum includes, but is not limited to, historical societies, historical sites or landmarks, parks, monuments and libraries; 14. 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. 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. (A) the insured has attained, or would have attained if he were living, the limiting age under the mortality table on which the reserve is based; (B) the policy was in force at the time the insured attained, or would have attained, the limiting age specified in subparagraph (A) of this paragraph; and. Any sum payable on a check, certified check, cashiers check, draft, or similar instrument, except those subject to Section 651.1 of this title, on which a banking or financial organization is directly liable, which has been outstanding for more than five (5) years after it was payable or after its issuance if payable on demand, is presumed abandoned, unless the owner, within five (5) years, has communicated in writing with the banking or financial organization concerning it or otherwise indicated an interest as evidenced by a memorandum or other record, on file, prepared by an employee thereof. A person who pays or delivers property to the State Treasurer in good faith is relieved of all liability to the extent of the value of the property paid or delivered for any claim then existing or which thereafter may arise or be made in respect to the property. 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. Under certain circumstances, a squatter who lives on a West Virginia property for 10 continuous years could claim ownership of it. For purposes of subsection A of this section, property includes interest and dividends. 3. (C) neither the insured nor any person appearing to have an interest in the policy within the preceding two (2) years, according to the records of the company, has assigned, readjusted, or paid premiums on the policy, subjected the policy to loan, or corresponded in writing with the company concerning the policy, or otherwise indicated an interest as evidenced by a memorandum or other record on file prepared by an employee of the company. B. 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. Funds Held by Utilities. Title 42, Chap. B. It also pays to know what might become of your abandoned property should you be forced to leave it behind. B. Browse USLegal Forms largest database of85k state and industry-specific legal forms. A. Tax Commission or Commission means the Oklahoma Tax Commission; and. You should check the State Laws for updates. Whether youre a landlord, property owner, or squatter, knowing the legality of getting rid of or taking possession of abandoned property is useful. (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. - Fri. E-mail: Unclaimed@treasurer.ok.gov Every state has an unclaimed property program. Repealed by Laws 1991, c. 331, 64, eff. 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. 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