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.
Added by Laws 1983, c. 320, § 4. Amended by Laws 1999, c. 10, § 35, eff. July 1, 1999; Laws 2003, c. 468, § 6, eff. July 1, 2003.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.