Oklahoma § 60-652 - Property held by banking or financial organizations

§ 60-652. Property held by banking or financial organizations

A. Any demand, savings, or matured time deposit with a banking

or financial organization, and any funds paid toward the purchase of

a share, funds paid toward a mutual investment certificate, or funds

paid toward any other interest in a banking or financial

organization is presumed abandoned, unless the owner, within five

(5) years has:

1. In the case of a deposit, increased or decreased its amount

or presented the passbook or other similar evidence of the deposit

for the crediting of interest;

2. Communicated in writing with the banking or financial

organization concerning the property;

3. Otherwise indicated an interest in the property as evidenced

by a memorandum or other record on file prepared by an employee of

the banking or financial organization;

4. Owned other property to which the provisions of paragraph 1,

2 or 3 of this subsection apply and if the banking or financial

organization communicates in writing with the owner with regard to

the property that would otherwise be presumed abandoned under this

subsection at the address to which communications regarding the

other property are regularly sent; or

5. Had another relationship with the banking or financial

organization concerning which the owner has:

a.

communicated in writing with the banking or financial

organization, or

b.

otherwise indicated an interest as evidenced by a

memorandum or other record on file prepared by an

employee of the banking or financial organization and

if the banking or financial organization communicates

in writing with the owner with regard to the property

that would otherwise be abandoned under this

subsection at the address to which communications

regarding the other relationship regularly are sent.

If a banking or financial organization 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, the property shall not be presumed to be

abandoned. The five-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 banking or financial organization in any of

the ways specified in paragraphs 1 through 5 of this subsection,

whichever is the later.

Oklahoma Statutes - Title 60. Property

B. For purposes of subsection A of this section, “property”

includes interest and dividends.

C. A holder may not impose with respect to property described

in subsection A of this section any charge due to dormancy or

inactivity or cease payment of interest unless:

1. Reasonable notice that the holder may impose the charge or

cease payment of interest is given to the owner of the property,

either:

a.

at the time the account is opened,

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

2. The holder regularly imposes such charges or ceases payment

of interest. If the holder regularly reverses or otherwise cancels

such charges or retroactively credits interest for a reason other

than an error or omission by the holder, then in proportion to the

extent that it does so with respect to other deposits, the holder

shall likewise reverse or otherwise cancel charges or retroactively

credit interest with respect to property that is reported to the

State Treasurer as unclaimed under the Uniform Unclaimed Property

Act.

D. Automatically renewable time deposits shall be subject to

this section, except that automatically renewable time deposits

shall be presumed abandoned fifteen (15) years following the

expiration of the initial time period of the time deposit unless,

during that period the owner has:

1. Increased or decreased the amount of the deposit;

2. Communicated in writing with the banking or financial

organization concerning the property;

3. Otherwise indicated an interest in the property as evidenced

by a memorandum or other record on file prepared by an employee of

the banking or financial organization; or

4. Had another relationship with the banking or financial

organization concerning which the owner has:

a.

communicated in writing with the banking or financial

organization, or

b.

otherwise indicated an interest as evidenced by a

memorandum or other record on file prepared by an

employee of the banking or financial organization and

if the banking or financial organization communicates

in writing with the owner with regard to the property

that would otherwise be presumed abandoned under this

section at the address to which communications

regarding the other relationship are regularly sent.

Oklahoma Statutes - Title 60. Property

Upon presumed abandonment of the automatically renewable time

deposit, the holder shall report the presumed abandonment to the

State Treasurer and may, at the holder's option, either retain the

property or pay or deliver it to the State Treasurer.

Added by Laws 1967, c. 107, § 2, emerg. eff. April 24, 1967.

Amended by Laws 1980, c. 304, § 1, eff. Oct. 1, 1980; Laws 1982, c.

278, § 1, eff. Jan. 1, 1983; Laws 1991, c. 331, § 4, eff. Sept. 1,

1991; Laws 1999, c. 10, § 3, eff. July 1, 1999; Laws 2008, c. 108, §

1, emerg. eff. May 2, 2008.