Any mineral interest in land in Oklahoma shall be subject to sale under the provisions of Sections 271.1 through 277 of Title 84 of the Oklahoma Statutes if it generates an intangible property interest which is presumed abandoned for a period of fifteen (15) years under the Uniform Unclaimed Property Act or under similar laws of another state.
All holders of intangible property interests generated by a mineral interest in land in Oklahoma shall report to the State Treasurer, in addition to the reporting otherwise required by law, the names and the last-known addresses of owners of record of the unclaimed mineral interest, the legal description of the land affected, and the extent of the property rights in the mineral interest. Only one report with respect to each owner and mineral interest is necessary; subsequent reports must include complete information with respect to all new owners and new unclaimed mineral interests.
The State Treasurer shall send a copy of the report required by this section to the Attorney General and the district attorney of the county in which the land is located. Except to a claimant of the unclaimed mineral interest, or as necessary to effectuate a judicial sale as set forth in Section 271.1 of Title 84 of the Oklahoma Statutes, the legal description of the mineral interest and the extent of the property rights in the mineral interest shall be deemed confidential and not released to the general public by the State Treasurer, Attorney General or district attorney. The State Treasurer shall send a report reflecting only the names and last-known addresses of owners of record of the unclaimed mineral interest to the county clerk of the county in which the land is located, and the clerk shall maintain the list for public viewing. The clerk shall also report to the board of county commissioners that the report has been received, and note the receipt in the minutes of the meeting, so the public can be informed.
The State Treasurer is authorized to develop procedures for the implementation of the Uniform Unclaimed Property Act.
Added by Laws 1978, c. 229, § 1, eff. Jan. 1, 1979. Amended by Laws 1988, c. 146, § 2, operative July 1, 1988; Laws 1991, c. 331, § 16, eff. Sept. 1, 1991; Laws 1999, c. 10, § 5, eff. July 1, 1999; Laws 2005, c. 421, § 1, emerg. eff. June 6, 2005.