Okla. Stat. tit. 3A, § 3A-721
This is the official text of Okla. Stat. tit. 3A, § 3A-721, part of Oklahoma’s Stat. tit. 3A, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 3A,." Browse the sections below, each linked to its official government source.
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Personal liability for proceeds – Deposit requirements –
Official statutory text
Insolvency.
A. All proceeds from the sale of the lottery tickets or shares
shall constitute a trust fund until paid to the Oklahoma Lottery
Commission either directly or through the authorized collection
representative of the Commission. A lottery retailer and officers
of the business of a lottery retailer shall have a fiduciary duty to
preserve and account for lottery proceeds, and lottery retailers
shall be personally liable for all proceeds. Proceeds shall include
unsold instant tickets received by a lottery retailer and cash
proceeds of the sale of any lottery products, net of allowable sales
commissions and credit for lottery prizes, sold to or paid to
winners by lottery retailers. Sales proceeds and unused instant
tickets shall be delivered to the Commission or its authorized
collection representative upon demand.
B. All lottery proceeds due to the Commission shall be
considered state funds. The Commission shall require retailers to
place all lottery proceeds due the Commission in accounts in
institutions insured by the Federal Deposit Insurance Corporation
not later than the close of the next banking day after the date of
their collection by the retailer until the date they are paid over
to the Commission. At the time of the deposit, lottery proceeds
shall be deemed to be the property of the Commission. The
Commission may require a retailer to establish a single separate
electronic funds transfer account, where available, for the purpose
of receiving monies from ticket or share sales, making payments to
the Commission, and receiving payments for the Commission. Unless
otherwise authorized in writing by the Commission, each lottery
Oklahoma Statutes - Title 3A. Amusements and Sports Page 195
retailer shall establish a separate bank account for lottery
proceeds which shall be kept separate and apart from all other funds
and assets and shall not be commingled with any other funds or
assets.
C. Whenever a person who receives proceeds from the sale of
lottery tickets or shares in the capacity of a lottery retailer
becomes insolvent or dies insolvent, the proceeds in any account
established pursuant to the provisions of subsection B of this
section due to the Commission from the person or the estate of the
person shall have preference over all debts or demands.
A. All proceeds from the sale of the lottery tickets or shares
shall constitute a trust fund until paid to the Oklahoma Lottery
Commission either directly or through the authorized collection
representative of the Commission. A lottery retailer and officers
of the business of a lottery retailer shall have a fiduciary duty to
preserve and account for lottery proceeds, and lottery retailers
shall be personally liable for all proceeds. Proceeds shall include
unsold instant tickets received by a lottery retailer and cash
proceeds of the sale of any lottery products, net of allowable sales
commissions and credit for lottery prizes, sold to or paid to
winners by lottery retailers. Sales proceeds and unused instant
tickets shall be delivered to the Commission or its authorized
collection representative upon demand.
B. All lottery proceeds due to the Commission shall be
considered state funds. The Commission shall require retailers to
place all lottery proceeds due the Commission in accounts in
institutions insured by the Federal Deposit Insurance Corporation
not later than the close of the next banking day after the date of
their collection by the retailer until the date they are paid over
to the Commission. At the time of the deposit, lottery proceeds
shall be deemed to be the property of the Commission. The
Commission may require a retailer to establish a single separate
electronic funds transfer account, where available, for the purpose
of receiving monies from ticket or share sales, making payments to
the Commission, and receiving payments for the Commission. Unless
otherwise authorized in writing by the Commission, each lottery
Oklahoma Statutes - Title 3A. Amusements and Sports Page 195
retailer shall establish a separate bank account for lottery
proceeds which shall be kept separate and apart from all other funds
and assets and shall not be commingled with any other funds or
assets.
C. Whenever a person who receives proceeds from the sale of
lottery tickets or shares in the capacity of a lottery retailer
becomes insolvent or dies insolvent, the proceeds in any account
established pursuant to the provisions of subsection B of this
section due to the Commission from the person or the estate of the
person shall have preference over all debts or demands.
Status: in_force · Read it on the official government site
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