C. 7. . 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. 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. For purposes of subsection A of this section, property includes interest and dividends. 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. Ive driven in snow before, but after moving to a new state even farther north, I think I need to upgrade my cars gear. Nothing in this act shall be construed as in any manner impairing or affecting the light of parties to create liens by special contract or agreement, nor shall it in any manner affect or impair other liens arising at common law in equity, or by any statute of this state. View Title. 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. Oklahoma Landlord Tenant Law. 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. (b) Property is payable or distributable for the purposes of this act notwithstanding the owners failure to demand the property or to present an instrument or document required to receive payment of the property. Im borrowing my roommate's car for the weekend while shes out of town but I cant figure out how to open the gas tank to refuel. 60-2. To learn more about property and real estate laws in Oklahoma, click on a link below. 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. The State Treasurer is authorized to develop procedures for the implementation of the Uniform Unclaimed Property Act. Ownership, what subject to. 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 duty of care an owner must exercise with respect to personal property located in a self-service storage facility is ordinary care only. 3. 2. A. Note: This summary is not intended to be an all inclusive discussion of abandoned property law, but does include basic provisions. State Board for Property and Casualty Rates. (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. Additional Conditions Leading to Presumption of Abandonment. The State Treasurer may postpone the reporting date upon written request by any person required to file a report. When you need Oklahoma Abandoned Personal Property Law, don't accept anything less than the USlegal brand . An abandoned vehicle may be located via the Oklahoma Department of Public Safetys, , which keeps a running record of all vehicles impounded by the state.. The Oklahoma unclaimed money program is known as OK Treasure. 1. 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. A statement that, according to a report filed with the State Treasurer, property is being held to which the addressee appears entitled; 2. 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. (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. Thinking of moving to Indiana? Upon presumed abandonment of the automatically renewable time deposit, the holder shall report the presumed abandonment to the State Treasurer and may, at the holders option, either retain the property or pay or deliver it to the State Treasurer. 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. 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. Browse USLegal Forms largest database of85k state and industry-specific legal forms. Check out these pros and cons to help you decide if it's the right fit. (adsbygoogle=window.adsbygoogle||[]).push({}), Need a Personal Loan? 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. 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. 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. 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. (a) Intangible property and any income or increment derived therefrom held in a fiduciary capacity for the benefit of another person is presumed abandoned unless the owner, within seven (7) years after it has become payable or distributable, has increased or decreased the principal, accepted payment of principal or income, communicated concerning the property, or otherwise indicated an interest as evidenced by a memorandum on file with the fiduciary. through regular maintenance, landscaping, repairs, or other such improvements), : Occupation of the property must have been continuous and ongoing for at least 15 years, without breaks or periods of inoccupation by the claim-maker, : The squatter has in no way been granted permission by the legal owner of the home to live or reside on the property, : The squatters occupation of the property cannot have been hidden from the lawful owner, : The trespasser may not share the property with another person seeking an adverse possession claim, claim may be required in conjunction with the above to make a valid claim to a parcel of abandoned property. 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