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STATE OF OKLAHOMA
2nd Session of the 59th Legislature (2024)
SENATE BILL 1661 By: Boren
AS INTRODUCED
An Act relating to distribution of estates; amending
58 O.S. 2021, Section 693, which relates to
disposition of monies to minor; requir ing executor or
administrator to mak e certain application to court;
clarifying release of certain monies; updating
statutory language; and providing an effec tive date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 58 O.S. 2021, Section 693, is
amended to read as follow s:
Section 693. A. Whenever a final a ccount and order of
distribution shall direct the payment of monies to a minor, and no
person shall within ninety (90) days thereafter bec ome the legal and
qualified guardian for the minor, so that the executor or
administrator may be discharged, the court may direct the executor
or administrator shall make an application to the co urt for
permission to prepare an order directing the county t reasurer to
make the deposit of:
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1. Specify a bank or financial institution within this state
where the funds in a specified institution and for a will be
deposited; and
2. State the specified term for when the funds will be released
to the legally qualified guardian of the minor, released to the
minor upon his or her eighteenth birthday, or released to the State
Treasurer as unclaimed property after the minor rea ches twenty-two
(22) years of age.
Upon receipt of the order, the court clerk shall make a
temporary deposit in the case, and forward the court ’s order to the
county treasurer for deposit of the funds in a the specified
institution for a the specified term, with the same effect as though
taken from a legally-qualified legally qualified guardian of the
minor; and the treasurer shall hold the monies in trust for the
minor until a guardian shal l be appointed and call for the same, or
until the minor shall become of age and demand the same , or until
released to the Stat e Treasurer as unclaimed property after the
minor reaches twenty-two (22) years of age ; provided, that all the
monies in the hands of the treasurer at the expiration of the
treasurer’s term of office must be turned over to the successor in
office.
B. Whenever a final account a nd order of distribution shall
direct the payment of monies to a legatee, heir, creditor, or
claimant, whose address or whereabouts is not known, or who will not
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accept and receipt for said monies within ninety (90) days
thereafter, so that the executor or administra tor may be discharged,
the court may direct the exec utor or administrator to pr epare an
order directing the county treasurer to make the deposit of funds in
a specified institution and for a specified term. Upon re ceipt of
the order, the court clerk shall make a temporary deposit in the
case, and forward the court ’s order to the county treasurer for
deposit of the funds in a specified institution for a specified
term, with the same effect as though taken from the person; and the
treasurer shall hold the mo nies in trust for the person until a
legal or personal representative shall dem and and accept the same;
provided, that all such monies i n the hands of the treasurer at the
expiration of the treasurer ’s term of office must be turned over to
the successor in office.
C. In the event no person qualified to receive money deposited
with the court clerk makes demand therefor within thirty (30) days
after receipt by the court clerk and the deposit is in excess of One
Hundred Dollars ($100.00), the court clerk is a uthorized and
directed to invest such funds in one or more savings accounts or
certificates of deposit in a bank or savings and loan ass ociation
whose deposits are insured by an agency of the federal government.
When the person legally entitled thereto makes request upon the
court clerk, the account or fund, together with all accumulations ,
shall be paid over to the person legally entitled thereto upon the
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court clerk taking a receipt in full for such payment, which receipt
shall be filed in and become a p art of the records of the case.
D. Whenever a final account and order of distr ibution based
thereon shall direct the payment of monies to an heir or legatee who
has died during the pendency of the probate proceedings, and no
person shall within ninety (90) days thereafter become the legal and
qualified personal representative of the decea sed heir or legatee,
so that the executor or administrator may be discharged, the court
may make an order directing the exec utor or administrator to deposit
such money in the hands of the court clerk, ta king a receipt
therefor, with the same effect a s though taken from a legally-
qualified legally qualified personal representative of the heir or
legatee; and the clerk shall hold such monies in trust until a
personal representative shall demand and accept the same; provided,
that all such monies in the hands of the court clerk at the
expiration of the court clerk ’s term of office must be turned over
to the successor in office.
SECTION 2. This act shall become effective November 1, 2024.
59-2-3231 TEK 1/16/2024 12:53:06 PM