I was paid last year some escheated funds for production years starting in 2002-2003. How is it possible to get paid the statutory interest on that money? It was paid through the Oklahoma State Treasurer Unclaimed Property Division. The operator that escheated the funds did so in 2008 & 2009. Not sure if I could go back & ask the company for the 12%. Any thoughts or past experience on this subject would be greatly appreciated.
Sandra
The funds were escheated for a reason. Typical reasons for escheatment relieves the Operator from paying a statutory interest. The State will also pay no interest.
Best
Buddy CottenBuddy, thanks for clearing that up. I was pretty sure the State would not pay interest, I just wasn't completely sure about asking the old operator for that interest. Here is why I ask, why would any operator keep the money for years only to have to pay that interest upon an heir coming forward & asking??? I know this from current experience. The details of this shouldn't be for the public forum. Friend me if you'd like.
Regards,
Sandra
There are several reasons that this could occur. A very typical reason would be that there was a death and the operator was not informed in accordance with the lease terms. Another typical reason is that on states where division orders are required, a division order was not executed. The list goes on and on.
Best
Buddy Cotten