Oklahoma – HOUSE BILL 2775

Oklahoma - HOUSE BILL 2775

An Act relating to oil and gas; amending 52 O.S. 2011, Section 570.10, which relates to payment of proceeds from sale of oil and gas production; establishing liability for withholding certain royalty payments; removing annual requirement of compounding certain interest; adding persons who may require holder of certain funds to interplead certain funds into court; removing certain interest sums from being subject to certain court proceedings; instructing operator to deem certain funds abandoned and remit payment pursuant to Uniform Unclaimed Property Act; specifying circumstances in which interest shall not apply on certain proceeds; updating statutory language; and providing an effective date.

Source: http://webserver1.lsb.state.ok.us/cf_pdf/2017-18%20INT/hB/HB2775%20INT.PDF

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