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ENGROSSED SENATE
BILL NO. 54 By: Howard of the Senate
and
Caldwell (Chad) of the
House
An Act relating to small estate administratio n;
amending 58 O.S. 2021, Sections 393 and 394, which
relate to payment or delivery of property to
successor by affidavit; authorizing entities to
release property upon receipt of certain affidavit;
adding property required to be paid or delivered upon
receipt of certain affidavit; conforming language;
and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 58 O.S. 2021, Section 393, is
amended to read as follows:
Section 393. A. At any time ten (10) or more days after the
date of death of a decedent, any person or entity indebted to the
decedent or having possession of tangible personal property or an
instrument evidencing a debt, obligation, stock, chose in action, or
stock brand, or accounts held on deposi t of cash, stock, bo nds, or
other equity belonging to the decedent shall make payment of the
indebtedness or shall deliver the tangible personal pro perty, or an
instrument evidencing a the debt, obligation, stock, chose in
action, or stock brand, or proceeds from the account held on deposit
to a person claiming to be the successor of the decedent upon being
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presented an affidavit made by or on behalf of the successor stating
that:
1. The fair market value of property loc ated in this state
owned by the decedent and subject to disposition by will or
intestate succession at the time of the decedent’s death, less liens
and encumbrances, does not exceed Fi fty Thousand Dollars
($50,000.00);
2. No application or petition for th e appointment of a personal
representative is pending or has been granted in any jurisdiction;
3. Each claiming successor is entitled to payment or delivery
of the property in the res pective proportions set forth in t he
affidavit; and
4. All taxes and de bts of the estate have been paid or
otherwise provided f or or are barred by limitations.
B. A transfer agent of any security shall change the registered
ownership on the books of a co rporation from the decedent to the
successor or successors upon the pres entation of an affidavit as
provided in subsection A of this section.
C. The public official having cognizance over the registered
title of any personal property of the decedent shall change the
registered ownership f rom the decedent to the successor or
successors upon the presentation of a n affidavit as provi ded in
subsection A of this section.
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D. At any time after the date of death of a person who was an
owner of a severed mineral i nterest in real estate, any person who
claims an interest, immediately o r remotely, through the decedent
may file with the county clerk of the county where the mineral
interest is located an affidavit of death and heirship in compliance
with subsection C of Section 67 of Title 16 of the Ok lahoma
Statutes. Pursuant to Sections 82 and 83 of Title 16 of the
Oklahoma Statutes, there s hall be a rebuttable presumption that the
facts stated in the recorded affidavit are true as they relate to
the severed mineral interest, the death of the deceden t, and the
relationships, family histo ry and heirship stated therein.
E. Any person who knowi ngly submits and signs a false affidavit
as provided in this section shall be fined not more than Three
Thousand Dollars ($3,000 .00) or imprisoned for not more th an six (6)
months, or both. Restitution In addition, restitution of the amount
fraudulently attained shall be made to the rightful beneficiary by
the guilty person.
SECTION 2. AMENDATORY 58 O.S. 2021, Section 394, is
amended to read as follows:
Section 394. The person or entity paying, delivering,
transferring, or issuing personal property or the evidence thereo f
to the successor or successors named in the affidavit is discharged
and released to the same extent as if the person or entity dealt
with a personal representative of the decedent. Such perso n or
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entity is not required to inquire into the truth of any s tatement in
the affidavit. If any person or entity to whom an affidavit is
delivered refuses to p ay, deliver, transfer, or issue any personal
property or evidence ther eof, it may be recovered or its payment,
delivery, transfer, or issuance compelled upon proof of their right
in a proceeding brought for the purpose by or on behalf of the
persons entitled thereto. Any person to whom payment, delivery,
transfer, or issuance is made is answerable and accountable there for
to any personal representative of the estate or to any other person
having a superior right.
SECTION 3. This act shall become effective November 1, 2023.
Passed the Senate the 22nd day of February, 2023.
Presiding Officer of the Senate
Passed the House of Representative s the ____ day of __________,
2023.
Presiding Officer of the House
of Representatives