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Can you summarize OKST Title 6, Chapter 1, Article IX?
Oklahoma Banking Code > Deposits and Collections - Notary Public - Protests
Short Summary
The provided legal document content covers various aspects related to deposits and collections, notary publics, and protests. It includes provisions for treating a deposit made by a husband and wife primarily for a business purpose as a sole proprietorship account. It also outlines the procedures for transferring funds or contents of a safe deposit box to the known heirs of a deceased individual, with requirements for affidavits establishing jurisdiction, relationship, and absence of a will. The document further specifies the recognition of adverse claims to deposits in banks or trust companies, with options for obtaining restraining orders, injunctions, indemnity bonds, or exceptions for fiduciaries. Additionally, it allows notary publics who are stockholders, directors, officers, or employees of a bank to perform certain actions, such as taking acknowledgments, administering oaths, and protesting nonacceptance or nonpayment of negotiable instruments. The document also addresses the establishment and operation of minor deposit accounts, including the authority of the minor and the role of parents or legal guardians. It clarifies the liability of the bank or credit union upon the minor’s death and the restrictions on providing loans to minors without parental consent. Furthermore, the document covers the handling of deposits made in trust form, including Totten Trusts and trustee accounts with named beneficiaries. It outlines the requirements for providing notice of the trust, administering the account based on a certificate of trust, and the bank’s liability in relation to the trust agreement. The document also governs joint accounts and ‘Payable on Death’ (P.O.D.) accounts, specifying the payment provisions and beneficiary designations. Lastly, it addresses the powers of authorized signers on deposit accounts and provides a form for granting additional powers. Overall, these legal documents apply to banks, credit unions, depositors, heirs, notary publics, trustees, account owners, and authorized signers involved in the mentioned transactions and activities.
Whom does it apply to?
Banks, credit unions, depositors, heirs, notary publics, trustees, account owners, authorized signers
What does it govern?
Deposits and Collections, Notary Public, Protests
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
Submitting a false affidavit is a punishable offense with a fine of up to $3,000 or imprisonment for up to 6 months, or both.
Jurisdiction
Oklahoma