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 Oklahoma Statutes (Last Updated: September 18, 2014)
 Title 60. PROPERTY

  § 60-655. Stock or other equity interest in business association - Unmatured or matured debt.  

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  • A.  1.  Stock or other equity interest in a business association is presumed unclaimed three (3) years after the earliest of:

    a.The date of the most recent dividend, stock split, or other distribution unclaimed by the apparent owner, or

    b.The date a statement of account or other notification or communication was returned as undeliverable.

    This subsection applies to both the underlying stock, share, or other intangible ownership interest of an owner, and to the stock, share, or other intangible ownership interest in dividend and nondividend paying business associations whether or not the interest is represented by a certificate.

    2.  Except as otherwise provided in Section 657 of this title, unmatured or unredeemed debt, other than a bearer bond or an original issue discount bond, is presumed unclaimed three (3) years after the date of the most recent interest payment unclaimed by the owner.

    3.  Except as otherwise provided in Section 657 of this title, matured or redeemed debt is presumed unclaimed three (3) years after the date of maturity or redemption.

    4.  At the time property is presumed unclaimed under paragraph 1 or 2 of this subsection, any other property right accrued or accruing to the owner as a result of the property interest and not previously presumed unclaimed is also presumed unclaimed.

    5.  A stock or other intangible ownership interest enrolled in a plan that provides for the automatic reinvestment of dividends, distributions, or other sums payable as a result of the interest shall not be presumed to be abandoned if the holder 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.

    B.  1.  The running of any three-year period pursuant to subsection A of this section ceases if the person:

    a.communicates in writing with the association or its agent regarding the interest or a dividend, distribution, or other sum payable as a result of the interest,

    b.otherwise communicates with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association or its agent, or

    c.presents an instrument issued to pay interest or a dividend or other cash distribution. 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 in which the property is presumed unclaimed commences and relates back only to the time a subsequent dividend, distribution, or other sum became due and payable.

    C.  Any dividend, profit, distribution, interest, redemption, payment on principal, or other sum held or owing by a business association for or to its shareholder, certificate holder, member, bondholder, or other security holder, who has not claimed it, or corresponded in writing with the business association concerning it, within three (3) years after the date prescribed for payment or delivery, is presumed unclaimed.

    D.  The Uniform Unclaimed Property Act shall not apply to patronage dividends, capital credits, customer deposits or non-negotiated payment checks held or owing by cooperative electric power or telephone associations organized under the Rural Electric Cooperative Act and the Telephone Cooperative Corporations Act, rural water, sewer, gas and solid waste management districts organized under the Rural Water, Sewer, Gas and Solid Waste Management Districts Act, or agricultural cooperative marketing or supply associations organized under the Cooperative Marketing Association Act; when such associations are domiciled in Oklahoma.

Added by Laws 1967, c. 107, § 5, emerg. eff. April 24, 1967.  Amended by Laws 1982, c. 278, § 4, eff. Jan. 1, 1983; Laws 1985, c. 146, § 1, emerg. eff. June 10, 1985; Laws 1990, c. 102, § 3, operative July 1, 1990; Laws 1991, c. 331, § 8, eff. Sept. 1, 1991; Laws 1999, c. 10, § 4, eff. July 1, 1999; Laws 2005, c. 124, § 1, eff. Nov. 1, 2005.