Oklahoma § 60-667 - Sale of abandoned property from safe deposit boxes Securities

§ 60-667. Sale of abandoned property from safe deposit boxes Securities

A. Except as provided in subsections B and C of this section,

when the State Treasurer determines it to be economically feasible,

the Treasurer shall sell abandoned property from safe deposit boxes

to the highest bidder at public sale in whatever city in the state

affords in the judgment of the State Treasurer the most favorable

market for the property involved. The State Treasurer may decline

the highest bid and reoffer the property for sale if in the judgment

of the State Treasurer the bid is insufficient. If in the judgment

of the State Treasurer the probable cost of sale exceeds the value

of the property, it need not be offered for sale. Any sale held

under this section must be preceded by a single publication of

notice, at least three (3) weeks in advance of sale in a legal

newspaper of general circulation in the county where the property is

to be sold, the county of residence of the holder and the county of

the last-known address of the owner. If no address is listed or if

the address is outside this state, the notice shall be published in

an Oklahoma newspaper which the State Treasurer believes is most

likely to be seen by the owner of the property or by heirs of the

owner.

B. Securities listed on an established stock exchange must be

sold at prices prevailing at the time of sale on the exchange.

Other securities may be sold over the counter at prices prevailing

at the time of sale or by another method the State Treasurer

considers advisable. The liquidation of securities shall be exempt

from the procedures set forth in subsection A of this section.

C. Unless the State Treasurer considers it to be in the best

interest of the state to do otherwise, all securities, other than

those presumed abandoned under Section 655 of this title, delivered

to the State Treasurer must be held for at least one (1) year before

the State Treasurer may sell them.

D. The purchaser at any sale conducted by the State Treasurer

pursuant to the Uniform Unclaimed Property Act takes the property,

free of all claims of the owner or prior holder thereof and of all

Oklahoma Statutes - Title 60. Property

persons claiming through or under them. The State Treasurer shall

execute all documents necessary to complete the transfer of

ownership.

Added by Laws 1967, c. 107, § 17, emerg. eff. April 24, 1967.

Amended by Laws 1991, c. 331, § 26, eff. Sept. 1, 1991; Laws 1998,

c. 385, § 13, eff. July 1, 1998; Laws 1999, c. 10, § 13, eff. July

1, 1999; Laws 2003, c. 224, § 9, eff. July 1, 2003; Laws 2004, c.

318, § 5, eff. July 1, 2004; Laws 2005, c. 124, § 4, eff. Nov. 1,

2005; Laws 2011, c. 261, § 5, eff. Nov. 1, 2011; Laws 2019, c. 150,

§ 1, eff. July 1, 2019.