STATE OF OKLAHOMA

2nd Session of the 53rd Legislature (2012)

SENATE BILL 1221	By:	Simpson

AS INTRODUCED

An Act relating to transfer of property; amending 6 O.S. 2011, Section 906, which relates to transfer to known heirs of deceased without designated beneficiary; increasing certain amount; modifying contents of certain affidavit; amending 58 O.S. 2011, Section 393, which relates to delivery of property to successor; adding property required to be delivered to certain successor; increasing certain amount; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     AMENDATORY     6 O.S. 2011, Section 906, is amended to read as follows:
Section 906.  A.  When a deposit has been made in a bank or credit union in the name of a sole individual without designation of a payable-on-death beneficiary, upon the death of the sole owner of the account if the amount of the aggregate deposits held in single ownership accounts in the name of the deceased individual is Twenty Thousand Dollars ($20,000.00) Fifty Thousand Dollars ($50,000.00) or less, the bank or credit union may transfer the funds to the known heirs of the deceased upon receipt of an affidavit sworn to by the known heirs of the deceased which establishes jurisdiction and relationship and states that the owner of the account left no will.  The affidavit shall be sworn to and signed by the known heirs of the deceased and the same shall swear that the facts set forth in the affidavit establishing jurisdiction, heirship and intestacy are true and correct.
B.  Receipt by the bank or credit union of the affidavit described in subsection A of this section shall be a valid and sufficient release and discharge to the bank or credit union for any transfer of deposits made pursuant thereto and shall serve to discharge the bank or credit union from liability as to any other party, including any heir, legatee, devisee, creditor or other person having rights or claims to funds or property of the decedent, and include a discharge of the bank or credit union from liability for any estate, inheritance or other taxes which may be due the state from the estate or as a result of the transfer.
C.  Any person who knowingly 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 than six (6) months, or both.  Restitution of the amount fraudulently attained shall be made to the rightful beneficiary by the guilty person.
SECTION 2.     AMENDATORY     58 O.S. 2011, 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 indebted to the decedent or having possession of real property or tangible personal property or an instrument evidencing a debt, obligation, stock, chose in action, or stock brand belonging to the decedent shall make payment of the indebtedness or shall deliver the real property or tangible personal property or an instrument evidencing a debt, obligation, stock, chose in action, or stock brand to a person claiming to be the successor of the decedent upon being presented an affidavit made by or on behalf of the successor stating that:
1.  The fair market value of property located 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 Twenty Thousand Dollars ($20,000.00) Fifty Thousand Dollars ($50,000.00);
2.  No application or petition for the 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 respective proportions set forth in the affidavit; and
4.  All taxes and debts of the estate have been paid or otherwise provided for or are barred by limitations.
B.  A transfer agent of any security shall change the registered ownership on the books of a corporation from the decedent to the successor or successors upon the presentation of an affidavit as provided in subsection A of this section.
C.  The public official having cognizance over the registered title of any real or personal property of the decedent shall change the registered ownership from the decedent to the successor or successors upon the presentation of an affidavit as provided in subsection A of this section.
D.  At any time after the date of death of a person who was an owner of a severed mineral interest in real estate, any person who claims an interest, immediately or 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 Oklahoma Statutes.  Pursuant to Sections 82 and 83 of Title 16 of the Oklahoma Statutes, there shall 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 decedent, and the relationships, family history and heirship stated therein.
SECTION 3.  This act shall become effective November 1, 2012.

53-2-2438	TEK	1/17/2012 9:58:12 AM