Okla. Stat. tit. 52, § 52-552
This is the official text of Okla. Stat. tit. 52, § 52-552, part of Oklahoma’s Stat. tit. 52, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 52,." Browse the sections below, each linked to its official government source.
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Escrow accounts
Official statutory text
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 Page 230
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.
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 Page 230
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.
Status: in_force · Read it on the official government site
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