Oklahoma Limits Claims For Property Sold by State
Last week, Oklahoma Senate Bill 571 was signed into law. Along with making some technical changes to the unclaimed property act, and providing the State Treasurer with additional investment authority, the new legislation also limits the state’s responsibility to pay the full value of claims for property in its custody. Under the former version of the law, if an owner came forth to claim property that was sold by the state within one year of delivery, he or she could collect the greater of the current value of the property or the net proceeds of the sale.
Pursuant to the new law, no owner may make a claim for “any appreciation or depreciation in the value of the property or any earnings that might otherwise accrue, after sale of the property by the State Treasurer.” Thus, if stocks are turned over to the State Treasurer by a broker dealer, then immediately sold, the owner will not be able to claim the full value of the shares should they appreciate between the time of sale and the time of claim.