Okla. Admin. Code § 165:10-25-1

Current through Vol. 42, No. 4, November 1, 2024
Section 165:10-25-1 - Definitions

The following words or terms, when used in this Subchapter, shall have the following meaning, unless the context clearly indicates otherwise:

"Escrow account" means an account established in a financial institution and held in the name of the holder and an escrow agent wherein each owner is federally insured to One Hundred Thousand Dollars ($100,000.00).

"Financial institution" means a federally or state chartered bank, savings and loan, or credit union.

"Holder" means any person in possession of royalties, bonus payments, or other monies directed to be paid under a Commission pooling order and which cannot be paid because the persons entitled thereto are unknown or cannot be located.

"Owner" means the last known record titleholder of a mineral interest which is subject to a Commission pooling order.

"Person" means any individual, partnership, joint stock associations, trust, cooperative, unincorporated association, or corporation.

Okla. Admin. Code § 165:10-25-1

Amended by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015.