Okla. Admin. Code § 735:80-3-35

Current through Vol. 42, No. 7, December 16, 2024

Section 735:80-3-35 - Mineral interest proceeds; reporting requirements

(a) Monies derived from mineral interests shall be reportable as unclaimed property to OST.

(b) For each owner reported, the following minimum information shall be included in the holder's annual report:

(1) Name and last known address of the owner. Lack of current mailing address does not relieve the holder from the responsibility of reporting the owner's address prior to the date contact with the owner was lost;

(2) Legal description of the property interest;

(3) Decimal percentage of ownership interest;

(4) Owner's Social Security Number or Federal Employer Identification Number;

(5) Amount of lease bonus, delay rental, working interest, overriding royalty interest and royalty income due the owner as of the annual report date; and

(6) First payable date.

(c) Any tax or withholding report required to be filed with the federal government, any state government or political subdivision thereof, concerning monies held in suspense, shall be made by either the producer, operator, purchaser or holder as required by said governmental entity.

(d) None of the Rules implemented for the administration of the Uniform Unclaimed Property Act shall be interpreted as relieving the holder of such monies from the responsibility for the maintenance of those records on mineral interests, such as records of lease bonuses, delay rentals and royalty interests, after such time that the funds have been transmitted to OST. [See: 60 O.S. § 658 ]

Okla. Admin. Code § 735:80-3-35

Transferred from 710:80-3-35 at 60 O.S., § 688, eff 7-1-99 (see Editor's Notice published at 17 Ok Reg 217); Amended at 17 Ok Reg 2167, eff 6-12-00; Amended at 21 Ok Reg 2879, eff 7-11-04