Opinion No., (1982)
Court: Oklahoma Attorney General Reports
Number:
Visitors: 10
Judges: JAN ERIC CARTWRIGHT, ATTORNEY GENERAL OF OKLAHOMA
Filed: Dec. 02, 1982
Latest Update: Mar. 03, 2020
Summary: OPINION — AG — ** OIL AND GAS — PROCEEDS FROM THE SALE ** INTEREST MAY BE LEVIED FROM AND AFTER JULY 1, 1980, UNDER AUTHORITY OF 52 Ohio St. 540 [ 52-540 ], ON ANY PROCEEDS FROM THE SALE OF OIL AND GAS, WHICH PROCEEDS ARE HELD ON THAT DATE BY THE FIRST PURCHASER (OR OPERATOR) BECAUSE OF UNMARKETABLE TITLE TO MINERAL ESTATES OR INTERESTS FROM WHICH SUCH OIL AND GAS WAS PRODUCED. INTEREST ON SUCH PROCEEDS IS THEREAFTER COMPUTED IRRESPECTIVE OF THE DATE OR TIME SUCH PROCEEDS WERE ORIGINALLY ACQUIRE
Summary: OPINION — AG — ** OIL AND GAS — PROCEEDS FROM THE SALE ** INTEREST MAY BE LEVIED FROM AND AFTER JULY 1, 1980, UNDER AUTHORITY OF 52 Ohio St. 540 [ 52-540 ], ON ANY PROCEEDS FROM THE SALE OF OIL AND GAS, WHICH PROCEEDS ARE HELD ON THAT DATE BY THE FIRST PURCHASER (OR OPERATOR) BECAUSE OF UNMARKETABLE TITLE TO MINERAL ESTATES OR INTERESTS FROM WHICH SUCH OIL AND GAS WAS PRODUCED. INTEREST ON SUCH PROCEEDS IS THEREAFTER COMPUTED IRRESPECTIVE OF THE DATE OR TIME SUCH PROCEEDS WERE ORIGINALLY ACQUIRED..
More
OPINION — AG — ** OIL AND GAS — PROCEEDS FROM THE SALE ** INTEREST MAY BE LEVIED FROM AND AFTER JULY 1, 1980, UNDER AUTHORITY OF 52 Ohio St. 540 [52-540], ON ANY PROCEEDS FROM THE SALE OF OIL AND GAS, WHICH PROCEEDS ARE HELD ON THAT DATE BY THE FIRST PURCHASER (OR OPERATOR) BECAUSE OF UNMARKETABLE TITLE TO MINERAL ESTATES OR INTERESTS FROM WHICH SUCH OIL AND GAS WAS PRODUCED. INTEREST ON SUCH PROCEEDS IS THEREAFTER COMPUTED IRRESPECTIVE OF THE DATE OR TIME SUCH PROCEEDS WERE ORIGINALLY ACQUIRED BY THE FIRST PURCHASER (OR OPERATOR) IF THE INTEREST MAY OTHERWISE BE LEVIED UNDER THE EXPRESS PROVISIONS OF 52 Ohio St. 540 [52-540](A). THE EXACT DATE SUCH PROCEEDS ARE SUBJECT TO THE STATUTORY INTEREST MUST BE DETERMINED FROM AN APPLICATION OF 52 Ohio St. 540 [52-540](A), TO THE FACTS OF EACH PARTICULAR CASE. (SALE OF PRODUCTION, GUIDELINES, INTEREST, ACCRUED, PAYMENT OF OIL AND GAS PROCEEDS) CITE: OPINION NO. 81-006, 52 Ohio St. 540 [52-540](B), 52 Ohio St. 540 [52-540](A) 52 Ohio St. 540 [52-540] (GARY W. GARDENHIRE) ** SEE: OPINION NO. 89-053 (1989) ** SEE OPINION NO. 90-548 (1990)
Source: CourtListener
