SECTION 735:80-7-4. Payment of claims

(a)   Vouchers for payment for unclaimed property will be authorized and payment made:

(1)   In the name of, and mailed to, the established owner; or

(2)   To the court appointed estate administrator, administratrix, executor, executrix, or personal representative; or

(3)   To the court appointed guardian; or

(4)   In accordance with a court decree of distribution; or

(5)   To an heir for distribution to other heirs, if any.

(b)   It shall be the responsibility of the payee to disburse any funds or property in accordance with any existing contract or agreement.

(c)   When one claimant who has proven that he has an interest in the unclaimed property, has been paid the full amount of unclaimed property held by OST, there is no requirement that OST pay other subsequent claimants. OST is not required to locate all heirs of owners of unclaimed property.

(d)   If there are two or more owners of unclaimed property, or the reported account is in the name of the tenants in common, or the holder report does not specify the percentage or share of co-owners, OST may pay each owner an equal share of the account.

[Source: Transferred from 710:80-7-4 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; Amended at 19 Ok Reg 2476, eff 6-27-02]