Oklahoma § 60-651 - Definitions

§ 60-651. Definitions

As used in the Uniform Unclaimed Property Act, unless the

context otherwise requires:

1. “Apparent owner” means the person whose name appears on the

records of the holder as the person entitled to property held,

issued, or owing by the holder;

2. “Attorney General” means the chief legal officer of this

state;

3. “Banking organization” means any bank, trust company,

savings bank, safe deposit company, private banker, or any

organization defined by other law as a bank or banking organization;

4. “Business association” means a non-public corporation,

joint-stock company, investment company, business trust,

partnership, or association for business purposes of two or more

individuals whether or not for profit, including a banking

organization, financial organization, insurance company, or utility;

5. “Claimant” means a person who claims an interest in

unclaimed property in the custody of the State Treasurer;

6. “Claimant’s representative” means a person who has been

hired by a claimant to file an unclaimed property claim on behalf of

Oklahoma Statutes - Title 60. Property

a claimant pursuant to a written agreement, including a duly

executed power of attorney;

7. “Domicile” means the state of incorporation of a corporation

and the state of the principal place of business of an

unincorporated person;

8. “Financial organization” means a savings and loan

association, building and loan association, or credit union;

9. “Holder” means a person, wherever organized or domiciled,

who is:

a.

in possession of property belonging to another,

b.

a trustee, or

c.

indebted to another on an obligation;

10. “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;

11. “Intangible property” includes:

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

f.

amounts distributable from a trust or custodial fund

established under a plan to provide health, welfare,

pension, vacation, severance, retirement, death, stock

purchase, profit sharing, employee savings,

supplemental unemployment insurance, education or

similar benefits;

12. “Last-known address” means a description of the location of

the apparent owner sufficient for the purpose of the delivery of

mail;

13. “Memorandum” shall include a mark, symbol or statement

indicating knowledge of or interest in funds on deposit;

14. “Mineral proceeds” includes:

a.

all obligations to pay mineral proceeds resulting from

the production and sale of minerals, including net

revenue interest, royalties, overriding royalties,

Oklahoma Statutes - Title 60. Property

production payments, and payments under joint

operating agreements, and

b.

all obligations for the acquisition and retention of a

mineral lease, including bonuses, delay rentals, shutin royalties, and minimum royalties;

15. “Museum” means an institution which is located in this

state and operated by a nonprofit corporation or a public agency

primarily for educational, scientific, historic preservation or

aesthetic purposes, and which owns, borrows, cares for, exhibits,

studies archives or catalogues property. “Museum” includes, but is

not limited to, historical societies, historical sites or landmarks,

parks, monuments and libraries;

16. “Owner” means a depositor in the case of a deposit, a

beneficiary in case of a trust other than a deposit in trust, a

creditor, claimant, or payee in the case of other intangible

property, or a person having a legal or equitable interest in

property or the person’s legal representative. Where more than one

person is an owner, the property shall not be presumed abandoned

unless it has remained unclaimed by all of its owners for the

periods hereinafter prescribed;

17. “Person” means an individual, business association, state

or other government, governmental subdivision or agency, public

corporation, public authority, estate, trust, two or more persons

having a joint or common interest, or any other legal or commercial

entity;

18. “State” means any state, district, commonwealth, territory,

insular possession, or other area subject to the legislative

authority of the United States;

19. “State Treasurer” or “Treasurer” means the duly elected and

acting State Treasurer of Oklahoma;

20. “Tax Commission” or “Commission” means the Oklahoma Tax

Commission;

21. “Utility” means a person who owns or operates for public

use any plant, equipment, property, franchise, or license for the

transmission of communications, or the production, storage,

transmission, sale, delivery, or furnishing of electricity, water,

steam, or gas; and

22. “Written agreement” means a legally binding document

between a claimant and the claimant’s representative outlining the

terms and conditions of the agreement. It provides a clear record

of the agreement, specifying each party's rights, responsibilities,

and obligations, which authorizes the claimant’s representative to

claim and recover unclaimed property in the custody of the Treasurer

on behalf of the claimant. The agreement may include an

authorization that directs the Treasurer to remit payment of fees

due to the claimant’s representative subject to the provisions of

this title.

Oklahoma Statutes - Title 60. Property

Added by Laws 1967, c. 107, § 1, emerg. eff. April 24, 1967.

Amended by Laws 1991, c. 331, § 1, eff. Sept. 1, 1991; Laws 1992, c.

404, § 1, emerg. eff. June 11, 1992; Laws 1999, c. 10, § 2, eff.

July 1, 1999; Laws 2012, c. 131, § 1, eff. Nov. 1, 2012; Laws 2025,

c. 421, § 1, eff. Nov. 1, 2025.