Mineral owners, or heir who inherited oil and gas minerals may find that there are funds paid into the unclaimed property division of one or more states. This is because there are laws which require holders of property to periodically report and turn money over to the state. The state then holds the money until a claimant can prove that they are entitled to the money. This is a guide to aid mineral owners to discover and claim royalties and other money. Also, once funds are found it is important to make sure that in the future companies pay the funds to you and not an unclaimed division.
How to Search Oklahoma Unclaimed Property
For mineral owners, I recommend that you begin with a Mineral Owners Escrow Account Search. Click here When money is owed from a “Forced Pooling Order” to an owner who is deceased or cannot be located. This search will provide the most information including amounts being held. You may wish to review search tips below.
Clicking the item will take you to the Oklahoma Corporation Commission case data site.
Once downloaded you can see where the property is located. Keep in mind that it is possible that the property you are interested in is adjacent to the legal description provided.
You can review the names and addresses to see if there is a match for your individual by address or other information. If you were unaware that property was owned in the county you can do further lande research here.
Searching Oklahoma Unclaimed Property
You should also search unclaimed property in Oklahoma. This will include unpaid royalties from leases. There may also be some overlap with the MOEA data. Click here.
The site is fairly easy to manage.
Don’t Forget Other States
Be sure to search for other states where the individual lived. It is also a good idea to search Texas and Delaware (where many companies are incorporated) even if the individual didn’t live there. This is because if the address was unknown, the funds may have been paid into that state’s unclaimed property. Links to all states, click here.
TIPS: Search Terms to Use
It is usually best to input the last name and first initial. For example if you were searching for Michael Smith. You would place Smith in the last name and letters “M” where the first name appears. This should load all Smiths with the first name that begins with “M”. Also, it is not uncommon for funds to be deposited for “M. Smith”
Searching for Property of Deceased Owners
Second search. Using the same example, also consider searching under. In unclaimed property try “Estate of Mi” and “Estate of Smith”. In the MOEA, try Estate in the last name.
Don’t forget to search under maiden, former names and even common misspellings.
What to Expect from Unclaimed Property
The Oklahoma Treasurer is very careful about paying out money from unclaimed property. There have been many scams targeting this agency. Therefore, the agency may require heightened scrutiny when evaluating a claim. This may also involve requiring probate especially if the funds exceed $10,000.