Oklahoma § 52-552 - Escrow accounts

§ 52-552. Escrow accounts

A. The Corporation Commission shall require the establishment

of an escrow account by each holder of monies in each case where:

1. Royalties, bonus payments, or other monies are directed to

be paid under a pooling order, issued under the provisions of

Section 87.1 of Title 52 of the Oklahoma Statutes; and

2. Persons entitled to the receipt of such monies are unknown

or cannot be located after exercise of due diligence.

B. The escrow account shall be for the benefit of the rightful

recipient of the monies. Any person showing to the holder

sufficient proof of identity and proof of ownership of the property

shall be promptly paid the sum accumulated for his benefit in the

escrow account.

C. The Corporation Commission shall require reports of each

such account be filed within one (1) year after the pooling order.

The reports shall include, but not be limited to:

1. The name and last-known address of the property owner;

2. The legal description of the property interest subject to

the pooling order;

3. The location and account number of the escrow account;

Oklahoma Statutes - Title 52. Oil and Gas

4. The person authorized to order withdrawals from the account;

5. The date of the pooling order; and

6. Such other information as the Commission may require.

D. If any holder of monies is required to establish more than

one escrow account by operation of any section of this act, then the

monies accruing may all be commingled in a single account. Separate

records of each deposit and withdrawal on behalf of specific persons

shall be maintained.

E. One (1) year after the date of the pooling order, the holder

shall submit the report of funds that have been held in escrow, and

shall transmit to the Corporation Commission the funds that have

been so held. If additional monies covered by this act are

subsequently generated from mineral interests included in a pooling

order, they shall likewise be held in escrow and transmitted

annually by the holder, along with the names of mineral owners who

have in the intervening year submitted proper claims of ownership to

mineral interests covered by this act.

Provided, however, that payment of such monies shall be optional

with the holder if the amount held for any one person is One Hundred

Dollars ($100.00) or less. This exemption does not relieve the

holder of filing the required reports, regardless of the amount.

Added by Laws 1983, c. 320, § 2, eff. July 1, 1984.