Oklahoma § 60-671 Insufficiency of reserve.

Oklahoma Statutes

§ 60-671 — Insufficiency of reserve.

Oklahoma·Title 60 Property

If, at any time, the reserve as provided for in the Uniform Unclaimed Property Act is insufficient to pay in full established claims, the State Treasurer immediately shall: 1. Redetermine, on the basis of past experience, the percentage necessary to be maintained in the reserve; and 2. Cease to make any payments to the General Revenue Fund until: a. all validly established claims as provided for in the Uniform Unclaimed Property Act have been paid, and b. there is accumulated in the reserve the sum required to be kept therein under the redetermination, whereupon the State Treasurer shall resume payments to the General Revenue Fund in accordance with the terms of the Uniform Unclaimed Property Act.

Free access — add to your briefcase to read the full text and ask questions with AI

If, at any time, the reserve as provided for in the Uniform Unclaimed Property Act is insufficient to pay in full established claims, the State Treasurer immediately shall: 1. Redetermine, on the basis of past experience, the percentage necessary to be maintained in the reserve; and 2. Cease to make any payments to the General Revenue Fund until: a. all validly established claims as provided for in the Uniform Unclaimed Property Act have been paid, and b. there is accumulated in the reserve the sum required to be kept therein under the redetermination, whereupon the State Treasurer shall resume payments to the General Revenue Fund in accordance with the terms of the Uniform Unclaimed Property Act.

Oklahoma § 60-671 (Insufficiency of reserve.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

Added by Laws 1967, c. 107, § 21, emerg. eff. April 24, 1967. Amended by Laws 1984, c. 107, § 3, emerg. eff. April 9, 1984; Laws 1991, c. 331, § 28, eff. Sept. 1, 1991; Laws 1999, c. 10, § 18, eff. July 1, 1999.