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2017 SESSION

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HB 2389 Gas or oil drilling units; escrowed proceeds.

Introduced by: Todd E. Pillion | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Gas or oil drilling units; escrowed proceeds; school board. Provides that proceeds of certain gas or oil wells, escrowed because the owner's identity and location remain unknown, shall be presumed abandoned and made available to the school board nearest the drilling unit. Current law requires such escrowed proceeds to be disposed of pursuant to the Uniform Disposition of Unclaimed Property Act. The bill also provides that certain escrowed proceeds due to known and locatable claimants of coalbed methane gas wells that were force-pooled prior to July 1, 2015, shall be made available to the local school board when one year has passed and certain other conditions are met.


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