reglab/statecodes huggingface dataset:
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1009. Official's oath or affidavit.

In any case in which the laws of a state require that a corporation acting as trustee, executor, administrator, or in any capacity specified in this article shall take an oath or make an affidavit, the president, vice-president, cashier, or trust officer of such bank or trust company may take the necessary oath or execute the necessary affidavit.
Added by Laws 1965, c. 161, § 1009.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1012. Banks having trust powers and trust companies subject to examination and supervision of Commissioner.

All corporations mentioned in Section 1001 of this article, whether now existing or hereinafter organized and created, are subject to the examination, supervision and regulation by the Commissioner and to the regulations of the Board. The Board is authorized and empowered to promulgate such regulations as it may deem necessary to enforce compliance with the provisions of this article and the proper exercise of the powers granted therein.
Added by Laws 1965, c. 161, § 1012.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1013. Disclosure of communications and writings prohibited - Exceptions.

Every bank exercising trust powers and every trust company shall, except as otherwise provided in this section, keep inviolate all communications and writings made to or by such trustee touching the existence, condition, management and administration of any private trust confided to it. No creditor or stockholder is entitled to disclosure or knowledge of any such communication or writing. However, the president, vice-president, manager, trust officer, secretary or regularly employed attorney of such trust company or bank is entitled to knowledge of any such communication or writing. In any suit or proceeding touching the existence, condition, management or administration of any such trust, the court wherein the same is pending may require disclosure of any communication or writing.
Added by Laws 1965, c. 161, § 1013. Amended by Laws 1997, c. 111, § 85, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1014. Closing of trust unduly delayed.

Whenever, in the opinion of the Commissioner as a result of a regular or special examination made at his discretion, the closing of any trust in process of administration by any bank or trust company as executor, administrator, guardian, conservator or other trustee is found to be unduly delayed, either through the acts or failure to act of any such bank or trust company or through the acts or failure to act of legal counsel employed in such proceedings, the bank or trust company shall, within thirty (30) days after receiving written notice from the Commissioner, file a report in the premises with the court having jurisdiction of the matter and shall obtain an extension of time under a court order unless such extension is declined by the court. A certified copy of the court's finding in the matter shall be filed by the bank or trust company with the Commissioner within ten (10) days from the issuance of the court order.
Added by Laws 1965, c. 161, § 1014.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1015. Banks authorized to engage in trust business - Powers - Restrictions.

Any bank now or hereafter authorized to engage in the trust business and exercise trust powers shall have and enjoy all the powers granted in this article, save those granted in paragraph (20) of subsection A of Section 1001, and they, their directors, officers and employees shall be subject to all the terms and provisions of this article.
Added by Laws 1965, c. 161, § 1015.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1016. Service charges not part of interest on loans.

The charges or service fees made by the trust department of any bank having trust powers and of any trust company organized and existing under the laws of this state, for any services performed or under any powers granted to such company, under the laws of this state, shall not be considered any part of the interest charged on any loan and shall not be subject to the interest laws of the state.
Added by Laws 1965, c. 161, § 1016.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1017. Voluntary relinquishment of trust powers.

A. 1. Banks. Any bank desiring to surrender its right to exercise the powers granted pursuant to this article in order to relieve itself of the necessity of complying with the requirements of this article, or to have cancelled or returned to it any security pledged or purchased pursuant to Section 1004 of this title, may file with the Commissioner a certified copy of a resolution of its board of directors signifying such desire.
2. Upon receipt of such resolution, the Commissioner, upon satisfaction that such bank has been relieved in accordance with state law of all duties as trustee, executor, administrator, registrar of stocks and bonds, guardian of estates, assignee, receiver, or other fiduciary, under court, private or other appointment previously accepted under authority of this article, may issue to such bank a certificate certifying that such bank is no longer authorized to exercise the powers granted by this article.
3. Upon the issuance of such a certificate by the Commissioner, such banks:
a.
shall no longer be subject to the provisions of this article or the regulations of the Board made pursuant thereto,
b.
shall be entitled to cancel or have returned to it any security pledged or purchased pursuant to the provisions of Section 1004 of this title, and
c.
shall not exercise thereafter any of the powers granted by this article without first applying for and obtaining a new permit to exercise such powers pursuant to the provisions of this Code.
B. Trust companies. Any trust company desiring to retire from business specified in this article shall furnish to the Commissioner satisfactory evidence of its release and discharge from all obligations and trusts provided for in this article. The Commissioner shall thereupon examine, or cause to be examined, such trust company, and, if the Commissioner is satisfied after such examination that such trust company has discharged all its obligations and trusts, the Commissioner shall revoke its certificate of authority and authorize the cancellation of, or return, of any security pledged or purchased pursuant to the provisions of Section 1004 of this title.
Added by Laws 1965, c. 161, § 1017. Amended by Laws 1998, c. 246, § 2, eff. Nov. 1, 1998; Laws 2005, c. 48, § 15, eff. Nov. 1, 2005.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1020. Existing trust powers of religious, charitable, etc. corporations not denied.

Section 1002 of this act shall not be construed to deny to religious, charitable, educational, benevolent or scientific corporations the right to exercise any trust powers granted to them by existing law or any trust agreement.
Added by Laws 1965, c. 473, § 1. Amended by Laws 1997, c. 99, § 1, emerg. eff. April 15, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1021. Liquidation, dissolution and reorganization of trust companies.

A. A trust company may be liquidated, dissolved and reorganized, for the reasons, in the manner and with the procedures as set forth in Article XII of this act, as such article would be applicable to trust companies, as if trust company were included in the article, with the same force and effect as if named where the word "bank" appears.
B. Voluntary liquidation and dissolution. A trust company may be voluntarily liquidated, as a state bank may be voluntarily liquidated, as provided in Section 1201 of this title.
C. Involuntary liquidation by Commissioner - Reorganization. Except as otherwise provided in this Code, only the Commissioner may take possession of a trust company and proceed in involuntary liquidation or reorganization, in the same manner, for the same reasons, and with the same procedures as provided in Section 1202 of this title, in addition to the other provisions contained in this article affecting the regulation of trust companies.
D. Reorganization. The reorganization of a trust company shall follow the standard manner and procedures contained in Section 1203 of this title, which applies to banks, where the same is applicable to trust companies.
E. Liquidation by Commissioner - Procedure. In liquidating a trust company, the form, manner and procedures shall follow, where applicable, the same form, manner and procedure as for banks contained in Section 1204 of this title.
Added by Laws 1968, c. 93, § 18, emerg. eff. April 1, 1968. Amended by Laws 1997, c. 111, § 86, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1022. Banks, trust companies and national banking associations - Registration in name of nominee securities held in fiduciary capacity.

Every bank, trust company and national banking association is authorized to cause securities held as a fiduciary, custodian or managing agent by such bank, trust company or national banking association, whether alone or jointly with an individual, with the consent of the individual fiduciary, if any, (who is hereby authorized to give such consent) to be registered and held in the name of a nominee of such bank, trust company or national banking association without disclosure of the fiduciary relationship. Any such bank, trust company or national banking association shall be liable for any loss occasioned by the acts of its nominee with respect to the securities so registered. The records of the bank, trust company or national banking association shall at all times show the ownership of such securities and of those held in bearer form. Such securities and those held in bearer form shall at all times be kept separate from the assets of the bank, trust company or national banking association and may be maintained as follows:
(1) in a manner such that all certificates representing the securities from time to time constituting the assets of a particular estate, trust or other fiduciary account are held separate from those of all other estates, trusts or accounts; or
(2) in a manner such that, without certification as to ownership attached, certificates representing securities of the same class of the same issuer and from time to time constituting assets of particular estates, trusts or other fiduciary accounts are held in bulk, including, to the extent feasible, the merging of certificates of small denomination into one or more certificates of large denomination, provided that the bank, trust company or national banking association when operating under the method of safekeeping security certificates described in this subparagraph (2), shall be subject to such rules and regulations as, in the case of a state chartered bank or trust company, the Commissioner and, in the case of a national banking association, the Comptroller of the Currency, may from time to time issue.
Added by Laws 1975, c. 123, § 1, emerg. eff. May 13, 1975.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1101. Merger or conversion.

A. Resulting State Bank. Upon approval of the Board, banks or savings associations may be merged with or converted into a resulting state bank as hereafter prescribed, except that the action by a constituent national bank or federal savings association shall be taken in the manner prescribed by and shall be subject to any limitation or requirements imposed by any law of the United States which shall also govern the rights of its dissenting shareholders.
B. Resulting National Bank. Nothing in the law of this state shall restrict the right of a state bank or state savings association to merge with or convert into a resulting national bank. The action to be taken by a constituent state bank or state savings association and its rights and liabilities and those of its shareholders shall be the same as those prescribed for national banks at the time of the action by the applicable laws of the United States and not by the laws of this state. Upon the completion of the merger or conversion into a national bank, all authority and the charter of any merging or converting state bank or state savings association shall automatically terminate.
Added by Laws 1965, c. 161, § 1101. Amended by Laws 1990, c. 173, § 7, emerg. eff. May 3, 1990.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1102. Approval of merger by directors and merger agreement.

Where there is to be a resulting state bank, the board of directors of each constituent bank or savings association shall, by a majority of the entire board, approve a merger agreement which shall contain:
1. The name of each constituent bank or savings association and the location of each office;
2. With respect to the resulting bank the name and the location of each proposed office; the name and residence of each director to serve until the next annual meeting of the stockholders; the name and residence of each officer; the amount of capital, the number of shares and the par value of each share; whether preferred stock is to be issued and the amount, terms and preferences; the amendments to the charter and bylaws;
3. The terms for the exchange of shares of the constituent banks or savings associations for those of the resulting bank;
4. A statement that the merger and the merger agreement are subject to approval by the Board and by the stockholders of each constituent bank or savings association;
5. Provisions governing the manner of disposing of the shares of the resulting state bank not taken by dissenting shareholders of constituent banks or savings associations; and
6. Such other provisions as the Board requires to enable it to discharge its duties with respect to the merger.
Added by Laws 1965, c. 161, § 1102. Amended by Laws 1990, c. 173, § 8, emerg. eff. May 3, 1990; Laws 1993, c. 183, § 16, eff. July 1, 1993.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1103. Approval by Board.

A. After approval by the board of directors of each constituent bank or savings association, the merger agreement shall be submitted to the Banking Board for approval, together with a fee for review of the merger as required by rule of the Banking Board which shall be deposited in the Oklahoma State Banking Department revolving fund pursuant to Section 211.1 of this title, certified copies of the authorizing resolutions of the several boards of directors showing approval by a majority of the entire board and evidence of proper action by the board of directors of any constituent national bank or federal savings association.
B. Without approval by the Board, no asset shall be carried on the books of the resulting bank at a valuation higher than that on the books of the constituent bank or savings association at the time of the last examination by a state or national bank examiner or savings association examiner before the effective date of the merger.
C. Within thirty (30) days after receipt by the Board of the fee and papers specified in subsection A of this section, the Board shall approve or disapprove the merger and the merger agreement. The Board shall approve the merger and the merger agreement if it appears that:
1. The resulting state bank meets all the requirements of state law as to the formation of a new state bank;
2. The agreement provides an adequate capital structure including surplus in relation to the deposit liabilities of the resulting state bank and its other activities which are to continue or are to be undertaken;
3. The agreement is fair; and
4. The merger is not contrary to the public interest.
If the Board disapproves a merger or a merger agreement, it shall state its objections and give an opportunity to the constituent banks or savings associations to amend the merger agreement to obviate such objection. The Board may by rule establish a procedure whereby the State Banking Commissioner may grant approval of the merger or merger agreement without a hearing before the Board. The procedure shall include criteria set by the Board to be applied by the Commissioner in the consideration of the application.
D. Where the resulting state bank is not to exercise trust powers, the Board shall not approve a merger until satisfied that adequate provision has been made for successors to fiduciary positions held by constituent banks or savings associations, and the manner of succession of trust powers and successor trustees shall follow the same procedure as set out in Section 1018 of this title.
Added by Laws 1965, c. 161, § 1103. Amended by Laws 1968, c. 93, § 10, emerg. eff. April 1, 1968; Laws 1990, c. 173, § 9, emerg. eff. May 3, 1990; Laws 1993, c. 183, § 17, eff. July 1, 1993; Laws 1995, c. 36, § 19, eff. July 1, 1995; Laws 1997, c. 111, § 88, eff. July 1, 1997; Laws 2000, c. 205, § 23, emerg. eff. May 17, 2000.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1105. Effective date of merger, filing of approved agreement, certificate of merger as evidence.

A. A merger shall, unless a later date is specified in the agreement, become effective upon the filing with the Board of the executed agreement together with copies of the resolutions of the stockholders of each constituent bank or savings association approving it, certified by such bank's or savings association's president or a vice-president and a secretary. The charters of the constituent banks or savings associations, other than the resulting bank, shall thereupon be deemed surrendered.
B. The Board shall thereupon issue to the resulting bank a certificate of merger, setting forth the name of each constituent bank or savings association and the name of the resulting state bank. Such certificate shall be conclusive evidence of the merger and of the correctness of all proceedings therefor in all courts and places, and may be recorded in any office for the recording of deeds to evidence the new name in which the property of the constituent banks or savings associations is held.
Added by Laws 1965, c. 161, § 1105. Amended by Laws 1990, c. 173, § 11, emerg. eff. May 3, 1990.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1106. Continuation of corporate entity.

A. The resulting state bank shall be considered the same business and corporate entity as each constituent bank or savings association with all of the rights, powers, and duties of each constituent bank or savings association, except as limited by the charter and bylaws of the resulting state bank.
B. The resulting state bank shall have the right to use the name of any constituent bank or savings association whenever it can do any act under such name more conveniently.
C. Any reference to any constituent bank or savings association in any writing, whether executed or taking effect before or after the merger, shall be deemed a reference to the resulting state bank if not inconsistent with the other provisions of such writing.
Added by Laws 1965, c. 161, § 1106. Amended by Laws 1990, c. 173, § 12, emerg. eff. May 3, 1990.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1107. Conversion from state bank to national and of national to state bank, and trust powers.

A. State bank conversion to national bank. Nothing in the law of this state shall restrict the right of a state bank to convert into a national bank upon compliance with the laws of the United States, and upon completion of such conversion it shall surrender its charter as a state bank.
B. National bank conversion to state bank. A national bank located in this state, which follows the procedure prescribed by federal law to convert into a state bank, shall be granted a state charter if it meets the requirements for the incorporation of a state bank and the standards and requirements set forth by rules and regulations of the Board. Any requirements that shares must be paid in cash may be satisfied by the exchange of shares of the converted state bank for those of the converting national bank, which may be valued at no more than their fair cash market value. The procedure for incorporation of a state bank may be modified to the extent made necessary by the difference between an ordinary incorporation and a conversion.
C. Preservation of identity and use of prior name. The converted bank shall be considered the same business and corporate entity as the converting bank with all of the rights, powers and duties of the converting bank except as limited by the charter and bylaws of the resulting bank. It may use the name of the converting bank whenever it can do any act under such name more conveniently.
D. Succession to fiduciary positions. Where a resulting state bank is not to exercise trust powers, the Board shall not approve a merger or conversion until satisfied that adequate provision has been made for successors to fiduciary positions held by the merging banks or the converting bank, and the manner of succession of trust powers and successor trustees shall follow the same procedure as set out in Section 1018 of this Code.
E. Continuation of corporate entity. Any reference to the converting bank in any writing, whether executed or taking effect before or after the conversion, shall be deemed a reference to the converted bank if not inconsistent with the other provisions of such writing.
Added by Laws 1965, c. 161, § 1107. Amended by Laws 1968, c. 93, § 11, emerg. eff. April 1, 1968; Laws 1993, c. 183, § 18, eff. July 1, 1993.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1108. Nonconforming assets of business.

If a constituent bank or savings association has assets which do not conform to the requirements of state law for the resulting bank, or if a converting national bank has assets which do not conform to the requirements of state law for the converted state bank, or in either case there are business activities which are not permitted for the resulting or converted state bank, the Commissioner may permit a reasonable time to conform with state law.
Added by Laws 1965, c. 161, § 1108. Amended by Laws 1990, c. 173, § 13, emerg. eff. May 3, 1990.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1109.1. Sale of assets other than in the ordinary course of business.

In any circumstance other than in the ordinary course of business, a bank may sell any asset with the prior approval of the Commissioner. The sale of all, or substantially all, of the assets of a bank or of a department thereof shall be governed by Section 1109 of Title 6 of the Oklahoma Statutes.
Added by Laws 1997, c. 111, § 91, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1110. Book value of assets.

Without approval by the Commissioner no asset shall be carried on the books of the resulting bank or purchasing bank at a valuation higher than that on the books of a merging, converting bank or selling bank at the time of its last examination by a state or national bank examiner before the effective date of the merger, conversion or sale.
Added by Laws 1965, c. 161, § 1110.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1111. Merger with parent bank holding company, nonbank subsidiary of parent bank holding company or subsidiary.

A. Upon approval by the Banking Board, and subject to satisfying each of the criteria contained in subsection B of this section and complying with the procedures required by subsection C of this section, a state bank may merge with:
1. Its parent bank holding company;
2. One or more nonbank subsidiaries of its parent bank holding company; or
3. One or more subsidiaries of the state bank.
B. The form and effect of any merger pursuant to this section must be consistent with the following criteria:
1. The state bank must be the resulting entity which is the survivor of the merger;
2. The merger shall not result in any additional branch office of the state bank, unless such additional branch is approved pursuant to the bank's de novo branching authority under Section 501.1 of this title;
3. Any activity carried on by any nonbank company which is a party to the merger shall be terminated at the effective time of the merger unless that activity is permissible for the resulting state bank;
4. Any asset or investment which is held by a constituent nonbank company and which is not permitted to be held by a resulting state bank shall be divested at or before the effective time of the merger, unless the state bank obtains prior approval for a longer divestiture period from the Commissioner in the manner provided in Section 1108 of this title and from appropriate federal banking agencies in accordance with any applicable federal banking laws or regulations;
5. The merger shall not create an unsafe weakening of the resulting state bank's condition. However, the Board shall have discretion to approve a merger which will have the effect of materially strengthening a weakened bank, even if the resulting state bank's condition or capital will remain less than satisfactory; and
6. The applicant bank shall present an acceptable plan for minimizing or eliminating the potential adverse impact of any significant debt or other direct or contingent liabilities of any nonbank company that will be merged into the resulting state bank.
C. A merger pursuant to this section shall be governed by all of the provisions and procedures of Sections 1102 through 1106 of this title. For this purpose such sections shall be interpreted so far as reasonably applicable as if any nonbank company which is a party to the merger were instead a constituent state bank being merged into the resulting state bank.
Added by Laws 1993, c. 183, § 19, eff. July 1, 1993. Amended by Laws 1997, c. 111, § 92, eff. July 1, 1997; Laws 2003, c. 180, § 5, eff. Nov. 1, 2003.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1203. Reorganization.

A. Standards of plan of reorganization. A plan of reorganization shall not be prescribed under this Code unless:
(1) the plan is feasible and fair to all classes of depositors, creditors and stockholders.
(2) the aggregate face amount of the interest accorded to any class of depositors, creditors or stockholders under the plan does not exceed the value of the assets upon liquidation less the full amount of the claims of all prior classes, subject, however, to any fair adjustment for new capital that any class will pay in under the plan.
(3) the plan provides for the issuance of capital stock and, if necessary, debentures in an amount that will provide an adequate ratio to deposits.
(4) any exchange of new common stock for obligations or stock of the bank will be effected in inverse order to the priorities in liquidation of the classes that will retain an interest in the bank and upon terms that fairly adjust any change in the relative interests of the respective classes that will be produced by the exchange.
(5) the plan assures the removal of any director, officer or employee responsible for any unsound or unlawful action or the existence of an unsound condition.
(6) any merger or consolidation provided by the plan conforms to the requirements of this Code.
B. Modification or elimination of plan of reorganization - Notice to Board. Whenever in the course of reorganization supervening conditions render the plan unfair or its execution impractical, the Commissioner may modify the plan or liquidate the institution. Any such action shall be taken by order of the Board upon appropriate notice.
Added by Laws 1965, c. 161, § 1203.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1205. Federal Deposit Insurance Corporation as liquidator.

A. Liquidation by F.D.I.C. The Federal Deposit Insurance Corporation is hereby authorized and empowered to be and act without bond as liquidating agent of any banking institution closed by the State Banking Commissioner, the deposits in which are to any extent insured by the Corporation.
B. Commissioner may tender to F.D.I.C. as liquidator. The Commissioner may in the event of such closing upon order of the Board tender to the Corporation the appointment as liquidator of such banking institution.
C. Appointment of F.D.I.C. as liquidator - Acceptance. Upon being notified in writing of the acceptance of such an appointment, the Commissioner shall forthwith file in the office of the clerk and recorder in the county in which the bank is situated a certificate evidencing the appointment of the Federal Deposit Insurance Corporation. Upon the filing of such certificate the possession of all the assets, business and property of such bank of every kind and nature wheresoever situated shall be deemed transferred from such bank and the Commissioner to the Federal Deposit Insurance Corporation including any securities pledged by the bank to the Commissioner pursuant to Section 1004 of this title. Without the execution of any instruments of conveyance, assignment, transfer or endorsement, the title to all such assets and property shall be vested in the Federal Deposit Insurance Corporation and the Commissioner shall be forever thereafter relieved from any and all responsibility and liability in respect to the possession and liquidation of such bank.
D. Powers of F.D.I.C. as liquidator. If the Corporation accepts the appointment, it shall have and possess all the powers and privileges provided by the laws of this state with respect to the liquidation of a bank and with respect to its depositors and other creditors and shall proceed in liquidation under this title as if it were the Commissioner and shall act in the Commissioner's stead and be substituted therefor in all actions brought pursuant to Section 1018 of this title.
E. Priority of Claims for F.D.I.C. If the Corporation serves as the liquidating agent of any national bank the principal office of which is located in Oklahoma, it shall be bound by the priority of claims established in subsection K of Section 1204 of this title.
F. Individual liability of directors. Among its other powers, the Federal Deposit Insurance Corporation, in the performance of its powers and duties as such liquidator, shall have the right and power, upon the order of a court of record of competent jurisdiction, to enforce the individual liability of the directors of any such banking institution.
Added by Laws 1965, c. 161, § 1205. Amended by Laws 1983, c. 131, § 2, eff. Nov. 1, 1983; Laws 1988, c. 166, § 10, emerg. eff. May 24, 1988; Laws 1997, c. 111, § 95, eff. July 1, 1997; Laws 2010, c. 62, § 9, emerg. eff. April 9, 2010.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1207. Transfer or conveyance of title to mineral interests or leases.

The Commissioner shall have authority to transfer or convey title to any mineral interests or mineral leases the Department or the Commissioner acquired prior to the effective date of this act, from a state-chartered bank or trust company not insured by the Federal Deposit Insurance Corporation for which the Department or Commissioner served as receiver or liquidator. The Commissioner shall only transfer or convey title to the mineral interests or mineral leases to the Department of Central Services by quitclaim deed in accordance with applicable state law.
Added by Laws 1995, c. 36, § 21, eff. July 1, 1995. Amended by Laws 1997, c. 111, § 97, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1301. Definitions.

As used in this article:
1. "Depositor" means a person delivering property or documents to a state bank, national banking association, savings and loan association, credit union or trust company for safekeeping;
2. "Deputy" means a person designated by the lessee to act as lessee's agent in connection with the safe deposit box;
3. "Lessee" means a person contracting with a lessor for the use of a safe deposit box;
4. "Lessor" means any state bank, national banking association, savings and loan association, credit union or trust company engaged in the business of renting safe deposit facilities; and
5. "Safe deposit box" means a safe deposit box, vault, or other safe deposit receptacle maintained by a lessor.
Added by Laws 1965, c. 161, § 1301. Amended by Laws 1968, c. 93, § 16, emerg. eff. April 1, 1968; Laws 1988, c. 65, § 35, emerg. eff. March 25, 1988; Laws 1997, c. 111, § 98, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1301.1. Appointment of deputy.

A lessee on a safe deposit box may appoint a deputy, with or without the consent of or notice to any other joint lessees on the box. A deputy shall have the power to enter the box, remove contents therefrom or add contents, and the appointment of the deputy shall not be affected by the subsequent incapacity or incompetency of the lessee, nor the lapse of time. Revocation of the appointment of a deputy must be made in writing to the lessor. The authority of the deputy shall cease upon the appointing lessee's death. However, if the lessor, without knowledge of the death of the lessee, deals with the deputy of the lessee, the transaction binds the lessee's estate and the lessee.
Added by Laws 1997, c. 111, § 99, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1301.2. Authorization for access to safe deposit box upon death of lessee.

A. A lessee of a safe deposit box may grant authorization for one or more persons to have access to that safe deposit box upon the death of the lessee, and the financial institution in which the safe deposit box is located shall grant such access, subject to the provision of this section.
B. The authorization shall be in writing in the following form: "I hereby authorize access to safe deposit box (number or other identification) at (name of financial institution) upon my death to (name of person)." The form shall be signed and dated by the lessee, and the signature of the lessee shall be notarized. The authorization may be revoked in writing in the following form: "I hereby revoke the authorization for access to safe deposit box (number or other identification) at (name of financial institution) upon my death to (name of person)." The revocation form shall be signed and dated by the lessee, and the signature of the lessee shall be notarized. The authorization also shall be revoked as a matter of law if the lessee is divorced from the person to whom the authorization was granted, and no subsequent written authorization to the former spouse is executed. A copy of any written authorization and any written revocation shall be provided to the financial institution at which the safe deposit box is located. In the event there is more than one lessee for a safe deposit box, all the lessees must authorize access in the manner provided by this subsection.
C. Following the death of the lessee, a person who has been authorized access may submit an affidavit to the financial institution in which the safe deposit box is located. The affidavit shall state:
1. That the last surviving lessee of the safe deposit box has died;
2. That the person providing the affidavit is the same person named in the authorization, a copy of which shall be attached to the affidavit;
3. That the authorization has not been revoked; and
4. That the affiant believes that no estate proceeding will be commenced with respect to the estate of the lessee.
D. Upon receipt of an affidavit as provided in subsection C of this section, the financial institution shall release all contents of the safe deposit box to the affiant. The affiant shall take possession of all contents of the safe deposit box and shall have the power to terminate the lease on the safe deposit box and close it.
E. Any person who knowingly signs and submits a false affidavit as provided by subsection C of this section shall be guilty of a misdemeanor and shall be liable in damages to any person harmed thereby.
F. Any financial institution that provides access to and releases the contents of a safe deposit box under provisions of this section shall be discharged from all criminal or civil liability for doing so.
Added by Laws 2006, c. 151, § 2, eff. Nov. 1, 2006. Amended by Laws 2017, c. 53, § 1, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1303. Access by fiduciaries.

A. Where access to a safe deposit box is requested by one or more persons acting as fiduciaries, the lessor may, except as otherwise expressly provided in the lease or the writings pursuant to which such fiduciaries are acting, allow access thereto and removal of the contents of the safe deposit box upon obtaining proper receipt from:
1. Any one or more of the persons acting as executors or administrators;
2. Any one or more of the persons otherwise acting as fiduciaries when authorized in writing signed by all other persons so acting; or
3. Any agent authorized in writing signed by all of the persons acting as fiduciaries.
B. No lessor shall be liable for damages for allowing or refusing access or removal of the contents of the safety deposit box under the provisions of subsection A of this section.
C. For purposes of this article, the term "fiduciaries" shall be deemed to include, in addition to those entities and individuals set forth in Section 102 of this title, a duly appointed and authorized attorney in fact under a power of attorney.
Added by Laws 1965, c. 161, § 1303. Amended by Laws 1997, c. 111, § 100, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1304. Effect of lessee's death or incompetence.

Where a lessor, without knowledge of the death or of an adjudication of legal incompetence of the lessee, deals with his agent pursuant to a written power of attorney signed by such lessee, the transaction binds the lessee's estate and the lessee.
Added by Laws 1965, c. 161, § 1304.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1305. Lease to minor.

A lessor may lease a safe deposit box to or accept property for safekeeping from a minor, and, in connection therewith, deal with him to the same effect as if dealing with a person of full legal capacity, unless and until his guardian files with the lessor a certified copy of the order of a district court appointing him and directs otherwise.
Added by Laws 1965, c. 161, § 1305.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1306. Lease to corporation, general or limited partnership, or limited liability company.

A. If the lessee is a corporation and the president, treasurer or secretary certifies that certain designated persons are authorized to enter the box, the lessor may permit such designated persons to enter without liability therefor.
B. If the lessee is a general partnership or a limited partnership and a general partner confirms in writing that certain designated persons are authorized to enter the box, the lessor may permit such designated persons to enter without liability therefor.
C. 1. If the lessee is a limited liability company and is managed by its members, and if a majority of the members confirms in writing that certain designated persons are authorized to enter the box, the lessor may permit such designated persons to enter without liability therefor.
2. If the lessee is a limited liability company and is managed by a manager, and if the manager confirms in writing that certain designated persons are authorized to enter the box, the lessor may permit such designated persons to enter without liability therefor.
Added by Laws 1965, c. 161, § 1306. Amended by Laws 1997, c. 111, § 101, eff. July 1, 1997.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1307. Assumed names.

No person, firm or corporation shall rent a safe deposit box under an assumed name, except under a trade name regularly used by the lessee in the conduct of a valid business and such fact is disclosed to the lessor. If any person, firm or corporation violates the provisions of this section, such lessee shall have no claim against the lessor for any loss or damage that he may sustain unless he or it shall allege and prove willful misconduct on the part of the lessor.
Added by Laws 1965, c. 161, § 1307.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1308. Search procedure on death - Removal of certain contents.

A. A lessor shall permit the person named in a court order, or if no order has been served upon the lessor, the spouse, a parent, an adult descendant, or a person named as an executor in a copy of a purported will produced by the person, to open and examine the contents of a safe deposit box leased by a decedent, or any documents delivered by a decedent for safekeeping, in the presence of an officer of the lessor. In addition, the lessor, if so requested by such person, shall deliver:
1. Any writing purported to be a will of the decedent to the court having jurisdiction of the decedent's estate according to his or her residence declared in such writing or may, at the option of the bank, be delivered to the person, so long as the bank retains a copy;
2. Any writing purported to be a deed to a burial plot or to give burial instructions to the person making the request for a search;
3. Any document purporting to be an insurance policy on the life of the decedent to the beneficiary named therein; and
4. Any document purporting to be a trust agreement or Declaration of Trust wherein the decedent was the grantor, so long as the bank retains a copy.
B. No other contents shall be removed pursuant to this subsection until an executor or administrator qualifies and makes claim to the contents, except where the safe deposit box was held by the decedent and his or her surviving spouse or any other person as joint tenants, in which case any part of the contents thereof may be removed by such surviving spouse or other surviving joint tenant.
C. All contents of a safe deposit box shall be presumed to belong to the lessee(s) of the safe deposit box, and the lessor may rely on that assumption unless and until it receives a court order to the contrary.
D. The lessor shall be under no duty to conduct an inventory of the contents of the safe deposit box.
Added by Laws 1965, c. 161, § 1308. Amended by Laws 1984, c. 231, § 1, eff. Nov. 1, 1984; Laws 1993, c. 183, § 23, eff. July 1, 1993; Laws 1996, c. 298, § 1, eff. Nov. 1, 1996; Laws 1997, c. 111, § 102, eff. July 1, 1997; Laws 2017, c. 53, § 2, eff. Nov. 1, 2017.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1309. Adverse claims to contents of safe deposit box.

A. An adverse claim to the contents of a safe deposit box, or to property held in safekeeping, is not sufficient to require the lessor to deny access to its lessee unless:
(1) the lessor is directed to do so by a court order issued in an action in which the lessee is served with process and named as a party by a name which identifies him with the name in which the safe deposit box is leased or the property held; or
(2) the safe deposit box is leased or the property is held in the name of a lessee with the addition of words indicating that the contents or property are held in a fiduciary capacity, and the adverse claim is supported by an affidavit stating facts disclosing that it is made by or on behalf of a beneficiary and that there is a reason to believe that the fiduciary may misappropriate the trust property.
B. A claim is also adverse where one of several lessees claims, contrary to the terms of the lease, an exclusive right of access, or where one or more persons claim a right of access as agents or officers of a lessee to the exclusion of others as agents or officers, or where it is claimed that a lessee is the same person as one using another name.
Added by Laws 1965, c. 161, § 1309.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1310. Lien of lessor, special remedies and proceedings for nonpayment of rent.

The lessor shall have a lien upon the contents of the lessee's box for past due rentals and any expense incurred in opening of the box and replacement of locks thereon where the same is done without fault of the lessor. If the lessee fails to pay the rental due and such default continues for sixty (60) days, the lessor may give the lessee thirty (30) days' notice by certified mail addressed to the lessee at the address shown on the lessor's records or the last-known address of the lessee, stating the amount due and that on or after the day designated in the notice it may open the box, remove the contents thereof and hold the same for the account of the lessee. The opening of the box shall be witnessed by not less than two persons, one of which shall be an officer of the lessor, who shall make an inventory under oath of the contents thereof, and thereupon the contents shall be placed in a package and held by the lessor as a bailee for hire. If the lessee makes no demand for the contents within one (1) year after the same have been removed from the box, the lessor may advertise and sell the same, the sale to be made at the time and place designated in the notice which shall be published in one issue of a newspaper having a general circulation in the city or town wherein the business of the lessor is situated, the publication to be not less than ten (10) days prior to the date fixed for the sale. A copy of the notice shall be mailed to the lessee at the last-known address of the lessee by certified mail. The notice shall show the name of the lessee but it shall not be necessary to describe the articles to be sold, except those that have an intrinsic value, if there shall be posted, not less than ten (10) days prior to the sale, in or about the lessor, in a conspicuous place, a copy of the notice of sale and a copy of the inventory made upon opening of the box. The contents of any number of boxes may be sold under one notice of sale and the cost thereof apportioned ratably to the several lessees involved. At the time and place designated in the notice the contents taken from each respective box shall be sold separately to the highest bidder for cash and the proceeds of each sale shall be applied to the rentals and expenses due the lessor and the residue from any sale held by the lessor for the account of the lessee. At any such sale the lessor may be the purchaser. If any lessee or his or her heirs, administrator or executor, shall not make demand upon the lessor within five (5) years after the date of the sale, for such surplus, then the surplus shall be presumed abandoned and administered in accordance with the Uniform Unclaimed Property Act. The lessor may, at its option, turn the property over to the State Treasurer prior to the expiration of the five-year abandonment period.
Added by Laws 1965, c. 161, § 1310. Amended by Laws 1991, c. 331, § 47, eff. Sept. 1, 1991; Laws 1993, c. 183, § 24, eff. July 1, 1993; Laws 1997, c. 111, § 103, eff. July 1, 1997; Laws 1999, c. 10, § 34, eff. July 1, 1999.
2023 Oklahoma Statutes › Title 6. Banks and Trust Companies › §6-1311. Limitation of liability - Requirements or policies.

Any lessor renting safe deposit boxes may by contract limit its liability and may make requirements or policies for the conduct of the business. Such requirements or policies shall be reduced to writing and delivered to the lessee. Any limitations as to liability shall be in printing or writing of the same size and type as the other provisions of the contract.
Added by Laws 1965, c. 161, § 1311. Amended by Laws 1997, c. 111, § 104, eff. July 1, 1997.