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§ 549.6. Rights of purchasers

Oklahoma Statutes AnnotatedTitle 52. Oil and Gas

Oklahoma Statutes Annotated
Title 52. Oil and Gas (Refs & Annos)
Chapter 12. Leases
Oil and Gas Owners' Lien Act (Refs & Annos)
52 Okl.St.Ann. § 549.6
§ 549.6. Rights of purchasers
RIGHTS OF PURCHASERS
A purchaser takes free of any oil and gas lien otherwise applicable to the oil or gas so purchased, and shall be relieved of any obligations created by subsection A of Section 570.10 of Title 52 of the Oklahoma Statutes, only in the event that either of the following occur:
1. The purchaser is deemed to be a buyer in the ordinary course of the first purchaser's business as defined in Article 9; or
2. The purchaser has paid all of the consideration due the first purchaser, including by exchange of oil or gas, net-out or set-off, under all applicable enforceable contracts in existence at the time of the payment.
Notwithstanding the foregoing, the oil and gas lien will continue uninterrupted in the proceeds paid to or otherwise due the first purchaser.
Except as specifically set forth in this section, an oil and gas lien has priority over the rights of any purchaser.

Credits

Laws 2010, c. 142, § 6, emerg. eff. April 19, 2010.
52 Okl. St. Ann. § 549.6, OK ST T. 52 § 549.6
Current with legislation of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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