Unclaimed Property in Oklahoma Key Terms

Learn about a few of the terms associated with unclaimed property in Oklahoma

By Jason Wood

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.

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.
Try: 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.
Try: 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.
Try: 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.
Try: 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.
Try: 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.