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§ 554. Transmission of funds--Escrow report--Claims against Mineral Owner's Fund

Oklahoma Statutes AnnotatedTitle 52. Oil and Gas

Oklahoma Statutes Annotated
Title 52. Oil and Gas (Refs & Annos)
Chapter 12A. Unknown or Unlocated Property Owners (Refs & Annos)
52 Okl.St.Ann. § 554
§ 554. Transmission of funds--Escrow report--Claims against Mineral Owner's Fund
A. The Corporation Commission shall, by the close of the second working day following the day on which the funds are received from holders, transmit the funds to the State Treasurer, who shall hold the funds in trust for the mineral owners in the Mineral Owner's Fund.
B. The Corporation Commission shall, within ninety (90) days of receipt, provide copies of escrow reports required by Section 551 et seq. of this title to the State Treasurer. The State Treasurer shall include these names in The regular annual process to locate the owners of unclaimed property.
C. Claims against the Mineral Owner's Fund shall be submitted to the State Treasurer, and upon sufficient proof of ownership, the State Treasurer shall pay monies to the rightful owner or to the rightful owner's heirs, devisees or assigns from the Unclaimed Property Fund, to be reimbursed quarterly from the Mineral Owner's Fund, for such claim.
D. The Corporation Commission shall retain ten percent (10%) of each amount of funds transferred to the State Treasurer to cover the Corporation Commission's cost of administration of the requirements of Section 551 et seq. of this title.

Credits

Laws 1983, c. 320, § 4; Laws 1999, c. 10, § 35, eff. July 1, 1999; Laws 2003, c. 468, § 6, eff. July 1, 2003.
52 Okl. St. Ann. § 554, OK ST T. 52 § 554
Current with legislation of the Second Regular Session and First and Second Extraordinary Sessions of the 58th Legislature (2022).
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