SECTION 735:80-11-20. Energy related companies; field audits; "current litigation" defined

(a)   Energy related companies shall be examined under any or all of the circumstances defined in 735:80-11-2.

(b)   The following categories of property normally held by energy related companies shall be subject to reporting under the Unclaimed Property Act:

(1)   Outstanding or unclaimed expense and vendor checks, payroll checks, royalty checks, rental checks, delay rental checks, and bonus checks;

(2)   Unclaimed royalties;

(3)   Unclaimed stock (undeliverable and underlying shares) and dividends;

(4)   Unclaimed employee benefits;

(5)   Any other intangible personal property not otherwise covered by the Act.

(c)   When reporting unclaimed dividends or royalties as unclaimed property, such property will be reported at its balance on the "as of" date of the year in which the report is filed. Subsequent reports shall contain the additional revenue or dividends from the "as of" date of the year originally reported, through the "as of" date of the current report year.

(d)   Mineral interest proceeds held in suspense due to current litigation are not reportable. "Current" litigation means, for purposes of this Section, an action pending in any court or before an administrative body, in which no final determination has been made, nor any final order entered and in which hearings have been held, pleadings or other papers filed, or orders entered, as reflected by the docket sheet or other official record of the court, agency, or tribunal, within the previous five (5) years. If no such activities have occurred for a five year period, the litigation is deemed not to be current.

(e)   Mineral interest proceeds held in suspense pending title requirements will be considered abandoned five (5) years after the last correspondence concerning such title or five (5) years from the first payable date, whichever is later.

[Source: Transferred from 710:80-11-20 at 60 O.S., § 688, eff 7-1-99 (see Editor’s Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00]