Unclaimed property in Oklahoma laws and regulations are partially derived from the common law of property. They generally define unclaimed property as property which has left the original owner’s possession without directly entering the possession of another party.

The relevant laws of unclaimed properties in the state of Oklahoma depend heavily on the circumstances under which the unclaimed property is found. Unclaimed property may generally be grouped into the following categories:

1. Lost property is found in a location where the owner did not intend to leave it and is not likely to find it. The finder of unclaimed property in OK is entitled to possession against everyone but the true owner. One exception to this rule occurs when a trespasser finds lost property while on private land.
2. Mislaid property is found in a location where the owner did intend to leave it and simply forgot to pick it up. Mislaid property must be returned to the owner.
3. Abandoned property of Oklahoma is found in a place where the owner intended to leave it. However, the condition of the property is such that it is unlikely that the true owner intends to reclaim it. Abandoned property belongs to the finder.
   

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Study the laws that relate to owners of OK unclaimed properties

Laws on unclaimed properties in Oklahoma commonly determine when unclaimed property must be returned to the owner. Unclaimed property laws and regulations represent a valuable resource for owners who wish to locate their unclaimed property. The State Treasurer of Oklahoma is in charge of locating unclaimed property for an individual.

I recommend: The Oklahoma Department of Human Services provides its regulations for the disposition of unclaimed funds. The City of Oklahoma City has instructions and listings that allow owners to locate their unclaimed property.

Review the laws that are specific to holders of state of Oklahoma unclaimed property

These laws most commonly affect financial institutions that have inactive or dormant accounts. They can also determine when the holder becomes the owner of the unclaimed property.

I recommend: The Oklahoma State Courts Network provides specific state laws for holders of unclaimed property in Oklahoma. The Oklahoma Corporation Commission describes the obligations for holders of unclaimed mineral escrow accounts.

Examine state of OK unclaimed property law that is specific to finders

Unclaimed property laws for finders may regulate fees that the finder may charge the owner for delivering, locating or recovering the unclaimed property. These laws may also determine when found property reverts to the finder.

I recommend: The Duncan Police Department provides the rights of a finder of unclaimed property in Duncan. The Reporters Committee for Freedom of the Press has the laws in Oklahoma for recovering fees on unclaimed property searches.

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• •  The Uniform Unclaimed Property Act is a key piece of federal legislation that affects Oklahoma unclaimed properties. The Act seeks to address the problems of unclaimed property that arise from its origins in English common law. The National Conference of Commissioners on Uniform State Laws first drafted the Uniform Unclaimed Property Act in 1981 and last revised it in 1995.

The amount and variety of unclaimed property in Oklahoma is larger than one would think. Sometimes it happens when people move and forget to reclaim their utility deposits or over-payments; other times, people may die and leave some money squirreled away in separate checking or savings accounts. Laws regarding unclaimed property in OK also mean that business owners have legal obligations if they come into possession of unclaimed property.

The list of unclaimed property in OK includes, but is not limited to, stocks, checking/savings accounts, death benefits, vendor checks, over-payments, CDs, paid-in-full life insurance, uncashed checks, unpaid wages, money orders, credit balances, refunds, dividends, commissions, insurance payments, gift certificates and customer deposits.

1. Know the laws regarding Oklahoma unclaimed property and how they affect you as a business owner.

2. Search abandoned property in Oklahoma to see if you have forgotten some assets.

3. Find an Oklahoma unclaimed property auction.

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Know your obligations regarding OK unclaimed property

As a business owner, you're typically required to report and remit unclaimed property in Oklahoma. If someone forgets to pick up a deposit or a check, make sure you know what your legal obligations are.

I recommend: Go to the State Treasurer-Unclaimed Property section of the State of Oklahoma website for general provisions regarding unclaimed property. The Business Owner's Toolkit also has information about your obligations regarding unclaimed property in Oklahoma.

Search Oklahoma unclaimed property to ensure that your business hasn't left some assets behind

Perform an Oklahoma unclaimed property search to make sure your business doesn't have some assets floating around out there somewhere? This makes even more sense if your business has been around for a long time or it has a long string of former owners. You might be pleasantly surprised to find that one of the former owners neglected to retrieve some OK unclaimed property or even some unclaimed land in Oklahoma that still belongs to your business.

I recommend: Search for abandoned property in Oklahoma at the State Treasurer-Unclaimed Property section of the State of Oklahoma website. Or search for Oklahoma abandoned property and many other states at the same time at MissingMoney.com.

Find property or unclaimed land in OK at auctions

State and local governments, as well as police agencies, sometimes dispose of unclaimed properties in Oklahoma through auctions. If you like auctions, it can be a good way to save your business some money.

I recommend: Government-Auctions-Guide.com provides information on unclaimed and seized property auctions in Oklahoma. JustAuctions features unclaimed properties in OK, as well as foreclosures and seized property. Dakil Auctioneers frequently handles auction of unclaimed properties in the state of Oklahoma, so check their website frequently for some great buys.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Be wary if approached by someone who wants money in exchange for information regarding unclaimed property in the state of Oklahoma; you can get the same information on your own for free.

Anyone who wishes to stay current on unclaimed property in Oklahoma news and trends should identify the key websites that track unclaimed property in Oklahoma and check them periodically for updates. These sites feature current property databases, which can be searched by personal or business name among other criteria. Oklahoma also conducts periodic auctions of unclaimed property that may be announced in major news outlets.

Businesses are required to report state of OK unclaimed property, such as abandoned safety deposit boxes or dormant bank accounts, after a specified period of inactivity. Therefore, it is especially important for business owners to be aware of the current reporting regulations. Sources of news information on Oklahoma unclaimed property include the following:

1. Blogs and forums on unclaimed property in OK. These sources provide first-hand accounts of people who have searched for unclaimed property.
2. Independent newspapers and magazines on abandoned property in Oklahoma. These sources are the most likely to provide unbiased news and opinions on unclaimed property.
3. Government websites. These sites are the best sources of official news and trends, such as current laws on unclaimed property.

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Read informal sources to get inside news on OK unclaimed properties

Blogs and forums contain news on Oklahoma unclaimed property that may not be found anywhere else. This information may include opinions and comments on the unclaimed property system in Oklahoma. Blogs and forums also have accounts of personal experiences with obtaining unclaimed property.

I recommend: Barely Legal Advice has a blog post on unclaimed property, with information provided about Oklahoma’s unclaimed property program. Oklahoma Unclaimed Money is a blog dedicated to posts about unclaimed property in Oklahoma.

Study sources of unbiased news and trends for unclaimed properties in Oklahoma

Journalists frequently report news on Oklahoma unclaimed property in online newspapers and magazines. News coverage may include articles on how to claim money in Oklahoma or about owners that recovered large sums of money. News stories also cover interviews of people who have recovered unclaimed property in Oklahoma.

I recommend: NewsOK has a recent news article on recovering unclaimed property in Oklahoma. Tulsa World provides a story on unclaimed property in Oklahoma, with instructions on how to file a claim.

Review official unclaimed properties in OK websites to get government news and information

Government websites are the best sources of official news on unclaimed property in Oklahoma. These sites provide information like current property databases and recent changes in the laws regarding unclaimed property in Oklahoma. County and city websites also may have their own unclaimed property listings and procedures for claiming unclaimed property.

I recommend: The State of Oklahoma Treasurer's Office has the official list of unclaimed property in Oklahoma and the current laws regarding unclaimed property. The City of Oklahoma City has current news about unclaimed property, such as an updated list of unclaimed property and the current procedure for recovering unclaimed property in that city.

Unclaimed property in the state of Oklahoma ranges from old bank accounts to abandoned real estate and cars. The Oklahoma Treasury Department is charged with distributing the unclaimed property back to the rightful owners. The department also may auction off certain items from time to time. The proceeds go into the state's general fund.

As a business owner, it is important you to report unclaimed property within the state of Oklahoma on a yearly basis. Here are some of the key terms you'll come across when dealing with unclaimed property in Oklahoma, along with some resourceful links to help get you started.

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Record keeping

Record keeping refers to the responsibility of the business to keep records of unclaimed property in their possession for a number of years. The nature of the unclaimed property determines the length of time that records need to be kept within the state of Oklahoma.

I recommend: Visit the Business Owner’s Toolkit for additional information on the record keeping process for unclaimed property in the state of Oklahoma.

Claims process

The claims process refers to the act of trying to match the owner to the unclaimed property. Additional documentation must be verified during this process, securing that the unclaimed property is being returned to the rightful owner.

I recommend: Allbusiness.com has an article on the new automated claims process being used in the state of Oklahoma.

Proof of ownership

Proof of ownership refers to the documentation that must be presented to the state of Oklahoma that establishes that claimants are, in fact, who they say they are in the claim. Birth certificates, passports and social security cards are all examples of identifications that can establish proof of ownership. Furthermore, if the item is not in the claimant's name, like a bank account or stock certificate, then the state may require receipts or other materials detailing a person's involvement with the unclaimed property.

I recommend: Visit the State of Oklahoma website for additional information on what constitutes proof of ownership for various forms of unclaimed property.

Intangible property

Intangible property, in relation to Oklahoma unclaimed property law, is defined as assets having to do with money or bank accounts. Stock certificates, unclaimed security deposits, dividends and unpaid wages are all examples of intangible property.

I recommend: Visit the website for the Oklahoma State Courts Network for additional information on what constitutes intangible property.

Holders

Holders refer to the individual, business or organization that is in possession of unclaimed property. The Oklahoma holder must try and contact the rightful owner before eventually turning the assets over to the state.

I recommend: Visit the website for Real Estate Zing for more information on the responsibility of holders during the process of reporting unclaimed property to the state of Oklahoma.