oklahoma abandoned property law

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. State Board for Property and Casualty Rates. The last-known address, as shown on the records of the holder, of the apparent owner is in this state; 2. Liens Chapter 6 Self-Service Storage Facility Lien Act, Self-Service Storage Facility Lien Act. 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. Created By . 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 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. Sifting through Oklahomas laws regarding abandoned vehicles can be a bit of a hassle, but there are rough guidelines as to how abandoned vehicles may be dealt with, either by law enforcement or private property owners. Prohibition of Residential Use of Self-Storage Facility. 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. Agriculture Title 5. Convenient, Affordable Legal Help - Because We Care! A. 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. That said, the Unclaimed Property Program primarily deals with jewelry, cash, royalties, checks, and the like, rather than vehicles or buildings. 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. Added by Laws 1967 . 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. A. When you need Oklahoma Abandoned Personal Property Law, don't accept anything less than the USlegal brand . 3. (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. No occupant shall use a self-service storage facility for residential purposes. B. As used in this act, unless the context otherwise requires: 1. Repealed by Laws 1991, c. 331, 64, eff. You can call them at 405-521-4273 or email them at unclaimed@treasurer.ok.gov. . A. (12-1148.10A; Parker Livestock v. Payment or delivery was made in a reasonable attempt to comply with the Uniform Unclaimed Property Act; 2. 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. Their office hours are 8:00am to 5:00pm Monday-Friday. 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. Property Chapter 13 Uniform Unclaimed Property Act. Oklahoma City, Oklahoma 73105 | 800-522-8031 . B. Im wondering if the R1200S was a rare motorcycle or if it was very popular. Universal Citation: 60 OK Stat 60-661 (2014) A. 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. USLegal has the lenders!--Apply Now--. C. The rental agreement shall contain a provision directing the occupant to disclose any lienholders with an interest in property that is or will be stored in a self-service storage facility. The State Treasurer shall execute all documents necessary to complete the transfer of ownership. Not to mention convenient! Authority and Responsibility for Control and Management of Unclaimed Property Fund. 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. was wonderful! The last-known address, as shown on the records of the holder, of the apparent owner 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 the holder is a domiciliary, government, or governmental subdivision or agency, including a municipality, of this state; 5. Nor does it solve any problem. (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. 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. How many BMW R1200Ses were made in total? Terms Defined. Although the average claim is less than $1,000, there have been cases where people recovered more than $10,000. 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. When not writing about cars, they can be found working on short stories, reading, illustrating, hiking, or practicing photography. Oklahoma law statutorily recognizes two historically distinct types of easements. 5. Oklahoma has approximately $585 million in unclaimed property and pays more than a thousand property claims every month. Income Accruing After Payment or Delivery. 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. 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. 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. When it is found, the title (ownership) transfers to whoever finds it and possesses it with the intent to take ownership. 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. Miscellaneous Personal Property Held for Another. 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. 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. There is hereby created in the State Treasury a revolving fund for the State Treasurer to be designated the Unclaimed Property Clearinghouse Fund. In the case of unclaimed funds of Fifty Dollars ($50.00) or more held or owing under any life or endowment insurance policy or annuity contract, the full name and last-known address of the insured or annuitant and of the beneficiary according to the records of the insurance company holding or owing the funds; 3. 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. Sections 1 through 9 of this act shall be known and may be cited as the Self-Service Storage Facility Lien Act. 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 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. 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. 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. (adsbygoogle=window.adsbygoogle||[]).push({}), Need a Personal Loan? 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. Such payment shall not be made until the funds have been deposited with the State Treasurer. 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. 7. The owner of a self-service storage facility shall not be liable for damages sustained by an occupant, if any, alleged to result from action taken by the owner to prevent access to the self-service storage facility after the occupant has committed an act of default pursuant to the rental agreement. B. Note: This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions. The State Treasurer is authorized to develop procedures for the implementation of the Uniform Unclaimed Property Act. (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. The State Treasurer shall cause notice to be published not later than March 1, or in the case of property reported by life insurance companies, September 1, of the year following the report required by Section 661 of this title at least once each week for two (2) consecutive weeks in a legal newspaper of general circulation in the county in this state in which is located the last-known address of any person to be named in the notice. Enforcement of this law is a matter for a court of proper jurisdiction. of the Oklahoma Statutes or the Self-Service Storage Facility Lien Act, Section 191 et seq. D. At the time an interest is presumed abandoned under this section, any dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, and not previously presumed abandoned, is presumed abandoned. 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.. B. If reimbursement is sought for a payment made on a negotiable instrument, including a travelers check or money order, the holder must be reimbursed under this subsection upon filing proof that the instrument was presented and that payment was made to a person who appeared to the holder to be entitled to payment. Owners Duty of Care Disclosure of Duty to Safeguard Personal Property Liability of Owner for Loss because of Theft. 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. A. 49. 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! 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. 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