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18-28-403. Abandoned mineral proceeds — Disposition of funds.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-403. Abandoned mineral proceeds — Disposition of funds.
(a)(1)(A) All mineral proceeds that are held or owing by the holder and that have remained unclaimed by the owner for longer than three (3) years after the mineral proceeds became payable or distributable are presumed abandoned.
(B) Abandoned mineral proceeds are subject to the unclaimed property provisions of the Unclaimed Property Act, § 18-28-201 et seq., except that funds received by the Auditor of State under this section shall be deposited by the Auditor of State into a special trust fund to be known as the “Abandoned Mineral Proceeds Trust Fund”.
(C) The funds shall be deposited into accounts in one (1) or more financial institutions authorized to do business in this state and may then be transferred into the State Treasury Money Management Trust to be administered in accordance with the laws of this state.
(2)(A) However, upon petition of the county attorney of the county in which the abandoned minerals were produced or severed, abandoned mineral proceeds that are held pursuant to leases executed by receivers or their successors appointed by a court of proper jurisdiction, shall be remitted by the holder to the county in which the minerals were produced or severed and deposited into the county general fund.
(B) The county attorney shall publish notice of his or her petition in a legal newspaper having general circulation in the county, and the notice shall be published at least one (1) time.
(3) The holder of abandoned mineral proceeds turned over to the Auditor of State under this section shall provide the following information to the Auditor of State:
(A) The name and last known address of the property owner;
(B) The applicable well name, uncontrolled lease name, or unitized area nam
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-403
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:18-28-403
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7d31080df0bf19a53467e91b7a582df2c27180c9ec6b01ec6cbc5e791a6dbd1e
Source location: content.xml paragraph 7094
Stored source content
18-28-403. Abandoned mineral proceeds — Disposition of funds.
(a)(1)(A) All mineral proceeds that are held or owing by the holder and that have remained unclaimed by the owner for longer than three (3) years after the mineral proceeds became payable or distributable are presumed abandoned.
(B) Abandoned mineral proceeds are subject to the unclaimed property provisions of the Unclaimed Property Act, § 18-28-201 et seq., except that funds received by the Auditor of State under this section shall be deposited by the Auditor of State into a special trust fund to be known as the “Abandoned Mineral Proceeds Trust Fund”.
(C) The funds shall be deposited into accounts in one (1) or more financial institutions authorized to do business in this state and may then be transferred into the State Treasury Money Management Trust to be administered in accordance with the laws of this state.
(2)(A) However, upon petition of the county attorney of the county in which the abandoned minerals were produced or severed, abandoned mineral proceeds that are held pursuant to leases executed by receivers or their successors appointed by a court of proper jurisdiction, shall be remitted by the holder to the county in which the minerals were produced or severed and deposited into the county general fund.
(B) The county attorney shall publish notice of his or her petition in a legal newspaper having general circulation in the county, and the notice shall be published at least one (1) time.
(3) The holder of abandoned mineral proceeds turned over to the Auditor of State under this section shall provide the following information to the Auditor of State:
(A) The name and last known address of the property owner;
(B) The applicable well name, uncontrolled lease name, or unitized area name as recognized by the Oil and Gas Commission;
(C) Either:
(i) The county, section, township, and range of the well; or
(ii) The county, section, township, and range from which the abandoned minerals were severed or produced; and
(D) Any other information required by the Auditor of State.
(b) The Abandoned Mineral Proceeds Trust Fund shall be used by the Auditor of State to pay the claims of persons establishing ownership of mineral proceeds in possession of the state under this subchapter and for the enforcement and administration of this subchapter. At least one (1) time each fiscal year, the Auditor of State shall transfer to the County Aid Fund in the State Treasury all funds in the Abandoned Mineral Proceeds Trust Fund in excess of an amount determined by the Auditor of State to be sufficient to pay the anticipated expenses and claims of the Abandoned Mineral Proceeds Trust Fund.
(c)(1) Funds credited to the County Aid Fund pursuant to the provisions of this subchapter shall annually be equally distributed among all the counties in the state by the Treasurer of State.
(2) All funds remitted to the respective counties shall be credited to the county general fund.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-28-201. Definitions.
In this subchapter:
(1) “Administrator” means the Auditor of State.
(2) “Apparent owner” means a person whose name appears on the records of a holder as the person entitled to property held, issued, or owing by the holder.
(3) “Business association” means a corporation, joint stock company, investment company, partnership, unincorporated association, joint venture, limited liability company, business trust, trust company, land bank, safe deposit company, safekeeping depository, financial organization, insurance company, mutual fund, utility, or other business entity consisting of one (1) or more persons, whether or not for profit.
(4) “Domicile” means the state of incorporation of a corporation and the state of the principal place of business of a holder other than a corporation.
(5) “Financial organization” means a savings and loan association, building and loan association, savings bank, industrial bank, bank, banking organization, or credit union.
(6) “Holder” means a person obligated to hold for the account of, or deliver or pay to, the owner property that is subject to this subchapter.
(7) “Insurance company” means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, engaged in the business of providing life endowments, annuities, or insurance, including accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life, malpractice, marine, mortgage, surety, wage protection, and workers' compensation insurance.
(8) “Mineral” means gas; oil; coal; other gaseous, liquid, and solid hydrocarbons; oil shale; cement material; sand and gravel; road material; building stone; chemical raw material; gemstone; fission
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-28-201
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-28-201. This identifies an authority to review, not proof of applicability.