What To Know About Unclaimed Property In Oklahoma
Ch 9 - December 26, 2024 6:20 am
Oklahoma State Capitol
According to the Oklahoma State Treasurer, more than 1 million Oklahomans are the rightful owners of unclaimed property across the state.
Property can become mismanaged in several ways, but often, the Office of the State Treasurer says Oklahoma businesses bring unclaimed cash, rebates, paychecks, royalties, stocks and bonds to their office at the Oklahoma State Capitol.
With the total amount of unclaimed property growing each day, the Office of the State Treasurer is working with Oklahomans to ensure they can have what rightfully belongs to them.
What is Unclaimed Property?
According to the State Treasurer, unclaimed property includes various types of obligations or liabilities of a business that have been inactive or unpaid for a period of time after they became payable.
Examples include, but are not limited to:
- Amounts owed to suppliers/vendors
- Overpayments/refunds/rebates
- Credit memos
- Items held in safekeeping
- Loan collateral
- Deposits held by depository institutions
- Stocks, bonds, and mutual funds
- Garnishments or court deposits
- Payroll/wage obligations
- Security deposits
- Escrow funds
- Unidentified receipts
- Amounts held by a fiduciary or trustee
- Dividends, interest, royalties
- Matured insurance policy proceeds
- Amounts due under insurance contracts
- Amounts distributable at liquidation/dissolution
The Office of the State Treasurer said property becomes unclaimed when the owner has not contacted the holder for a specified period. Oftentimes, the owner forgets the account exists, moves, or cannot be located.
In some cases, the treasurer says the owner is deceased and the heirs have no knowledge of the property.
The State Treasurer’s Office says it makes an effort to locate any unclaimed property’s legal owner, free of charge.
How do I know if I have unclaimed property?
The Oklahoma State Treasurer offers a way for any Oklahoma to find out if they are the owners of any unclaimed property.
By visiting the Oklahoma State Treasurer’s website here, and entering their name and place of residence, Oklahomans will know if there is any property they can claim.
SEE MORE: Oklahoma State Treasurer Unclaimed Property Database
If you do have any unclaimed property, the treasurer will ask for proof of identity. Once approved, any unclaimed property will be transferred to you.
How will I receive any unclaimed property?
The Oklahoma State Treasurer said non-cash items such as safe deposit box contents are mailed certified. Stock certificates will be transferred into the recipient’s name and mailed, but if the stock has been sold, then the claimant will receive proceeds as a check in the mail.
Other claimed property will also be delivered as a check in the mail.
