{"data":{"id":"us-ok/okla.-stat.-tit.-60-60-656","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 60, § 60-656","heading":"Property or funds held by fiduciary","body":"A. Intangible property and any income or increment derived\n\ntherefrom held in a fiduciary capacity for the benefit of another\n\nperson is presumed abandoned unless the owner, within seven (7)\n\nyears after it has become payable or distributable, has increased or\n\ndecreased the principal, accepted payment of principal or income,\n\ncommunicated concerning the property, or otherwise indicated an\n\ninterest as evidenced by a memorandum on file with the fiduciary.\n\nB. Holders of presumed abandoned intangible property shall\n\nannually report and remit all proceeds accrued to date, including\n\nthe current balance held by the holder. When and if any part of the\n\nproceeds has been held for the statutory abandonment period or\n\nlonger, the holder must report and remit all interest, additions,\n\nand increments accrued to the account of the owner. Any additional\n\namounts accruing to an owner of the same intangible property\n\npresumed abandoned previously reported will be reported and remitted\n\non an annual basis, including the additional amounts from the “as of\n\ndate” of the previous report year through the “as of date” of the\n\ncurrent report year.\n\nIn no event shall mineral interest proceeds be required to be\n\nreported or remitted sooner than six (6) months after the date of\n\nfirst sale from the applicable well.\n\nC. Funds in an individual retirement account or a retirement\n\nplan for self-employed individuals or similar account or plan\n\nestablished under the Internal Revenue laws of the United States are\n\nnot payable or distributable within the meaning of subsection A of\n\nthis section unless, under the terms of the account or plan,\n\ndistribution of all or part of the funds would then be mandatory.\n\nD. For the purpose of this section, a person who holds property\n\nas an agent for a business association is deemed to hold the\n\nproperty in a fiduciary capacity for that business association\n\nalone, unless the agreement between the person and the business\n\nassociation provides otherwise.\n\nE. For the purposes of this act, a person who is deemed to hold\n\nproperty in a fiduciary capacity for a business association alone is\n\nthe holder of the property only insofar as the interest of the\n\nbusiness association in the property is concerned, and the business\n\nassociation is the holder of the property insofar as the interest of\n\nany other person in the property is concerned.","path":["OK Code","Title 60"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os60.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"d81ed9ec4e500da8280c89332fceb267b9332597d6ea078acb4a287584f89580","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-60-60-655.1","next":"us-ok/okla.-stat.-tit.-60-60-657"},"notice":"GroundRules: Original legal text. Not legal advice."}