Unclaimed Property Statute Not a Ponzi Scheme, Oklahoma Supreme Court Holds

Overview


Diann Smith said an Oklahoma Supreme Court ruling to uphold the state’s unclaimed property act was not “terribly surprising given that the plaintiff received his property and there was not a change in the value of his property between when it was deemed abandoned and its return to him,” but added that the Court’s rejection of a state obligation to pay owners of abandoned property “is certainly a surprise to owners whose property is taken into ‘custody’ by the state.”