Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1661 Compare Versions

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4		-	An Act
5		-	ENROLLED SENATE
	29	+	HOUSE OF REPRESENTATIVES - FLOOR VERSION
	30	+
	31	+	STATE OF OKLAHOMA
	32	+
	33	+	2nd Session of the 59th Legislature (2024)
	34	+
	35	+	ENGROSSED SENATE
6	36		BILL NO. 1661 By: Boren of the Senate
7	37
8	38		and
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10	40		Duel and Schreiber of the
11	41		House
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15	45		An Act relating to distribution of estates; amendi ng
16	46		58 O.S. 2021, Section 693, which relates to
17	47		disposition of monies to minor; requiring executor or
18	48		administrator to make certain application to court;
19	49		clarifying release of certain monies; updating
20	50		statutory language; and providing an effective date .
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24		-	SUBJECT: Distribution of estates
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26	55		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
27		-
28	56		SECTION 1. AMENDATORY 58 O.S. 2021, Section 693, is
29	57		amended to read as follows:
30		-
31	58		Section 693. A. Whenever a final account and order of
32	59		distribution shall direct the payment o f monies to a minor, and no
33	60		person shall within ninety (90) days thereafter become the legal and
34	61		qualified guardian for the minor, so that the executor or
35	62		administrator may be discharged, the court may direct the executor
36	63		or administrator shall make an application to the court for
37	64		permission to prepare an order directing the county treasurer to
38	65		make the deposit of:
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40	93		1. Specify a bank or financial institution within this state
41	94		where the funds in a specified institution and for a will be
42	95		deposited; and
43		-
44	96		2. State the specified term for when the funds will be released
45	97		to the legally qualified guardian of the minor , released to the
46	98		minor upon his or her eighteenth birthday, or released to the State
47		-
48		-	ENR. S. B. NO. 1661 Page 2
49	99		Treasurer as unclaimed property after the minor reaches twent y-two
50	100		(22) years of age.
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52	101		Upon receipt of the order, the court clerk shall make a
53	102		temporary deposit in the cas e, and forward the court ’s order to the
54	103		county treasurer for deposit of the funds in a the specified
55	104		institution for a the specified term, with the sam e effect as though
56	105		taken from a legally-qualified legally qualified guardian of the
57	106		minor; and the treasu rer shall hold the monies in trust for the
58	107		minor until a guardian shall be appointed and call for the same, or
59	108		until the minor shall become of age and demand the same, or until
60	109		released to the State Treasurer as unclaimed property after the
61	110		minor reaches twenty-two (22) years of age ; provided, that all the
62	111		monies in the hands of the treasurer at the expiration of the
63	112		treasurer’s term of office must be tu rned over to the successor in
64	113		office.
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66	114		B. Whenever a final account and order of distribution shall
67	115		direct the payment of monies to a legatee, heir, creditor, or
68	116		claimant, whose address or whereabouts is not known, or who will not
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69	144		accept and receipt for said monies within ninety (90) days
70	145		thereafter, so that the executor or administrator may be discharged,
71	146		the court may direct the executor or administrator to prepare an
72	147		order directing the county treasurer to make the deposit of funds in
73	148		a specified institut ion and for a specified term. Upon receipt of
74	149		the order, the court clerk shall make a temporary deposit in the
75	150		case, and forward the court ’s order to the county treasurer for
76	151		deposit of the funds in a specified institution for a specified
77	152		term, with the same effect as though taken from the person; and the
78	153		treasurer shall hold the monies in trust for the pers on until a
79	154		legal or personal representative shall demand and accept the same;
80	155		provided, that all such monies in the hands of the treasurer at the
81	156		expiration of the treasurer ’s term of office must be turned over to
82	157		the successor in office.
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84	158		C. In the event no person qualified to receive money deposited
85	159		with the court clerk makes demand therefor within thirty (30) days
86	160		after receipt by the court clerk and the deposit is in excess of One
87	161		Hundred Dollars ($100.00), the court clerk is authorized and
88	162		directed to invest such funds in one or more savings accounts or
89	163		certificates of deposit in a bank or savings and loan association
90	164		whose deposits are insured by an agency of the federal government.
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92		-	ENR. S. B. NO. 1661 Page 3
93	165		When the person legally entitled thereto makes request upon the
94	166		court clerk, the account or fund, together with all accumulations,
95	167		shall be paid over to the person legally entitled thereto upon the
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96	195		court clerk taking a receipt in full for such payment, which receipt
97	196		shall be filed in and become a part of the records of the case.
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99	197		D. Whenever a final account and order of distribution based
100	198		thereon shall direct the payment of monies to an heir or legatee who
101	199		has died during the pendency of the probate proceedings, and no
102	200		person shall within ninety (90) days thereafter become t he legal and
103	201		qualified personal representative of the deceased heir or legatee,
104	202		so that the executor or administrator may be discharged, the court
105	203		may make an order directing the executor or administrator to deposit
106	204		such money in the hands of the court cle rk, taking a receipt
107	205		therefor, with the same effect as though taken from a legally-
108	206		qualified legally qualified personal representative of the heir or
109	207		legatee; and the clerk shall hold such monies in trust until a
110	208		personal representative shall demand and ac cept the same; provided,
111	209		that all such monies in the hands of the court clerk at the
112	210		expiration of the court clerk ’s term of office must be turned over
113	211		to the successor in office.
114		-
115	212		SECTION 2. This act shall become effective November 1, 2024 .
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118		-	ENR. S. B. NO. 1661 Page 4
119		-	Passed the Senate the 1 4th day of March, 2024.
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123		-	Presiding Officer of the Senate
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126		-	Passed the House of Representatives the 16th day of April, 2024.
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130		-	Presiding Officer of the House
131		-	of Representatives
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133		-	OFFICE OF THE GOVERNOR
134		-	Received by the Office of the Governor this _______ _____________
135		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
136		-	By: _________________________________
137		-	Approved by the Governor of the State of Oklahoma this _______ __
138		-	day of _________________ __, 20_______, at _______ o'clock _______ M.
139		-
140		-	_________________________________
141		-	Governor of the State of Oklahoma
142		-
143		-
144		-	OFFICE OF THE SECRETARY OF STATE
145		-	Received by the Office of the Secretary of State this _______ ___
146		-	day of __________________, 20 _______, at _______ o'clock _______ M.
147		-	By: _________________________________
	214	+	COMMITTEE REPORT BY: COMMITTEE ON JUDICIARY - CIVIL, dated
	215	+	03/28/2024 - DO PASS.