67-4a-214 - Mineral proceeds.
67-4a-214. Mineral proceeds.
(1) (a) Any sum payable as mineral proceeds that has remained unclaimed by the ownerfor more than three years after it became payable or distributable is considered abandoned.
(b) The owner's underlying right to receive those mineral proceeds is consideredabandoned when any sum payable as mineral proceeds has remained unclaimed by the owner formore than three years.
(2) At the time an owner's underlying right to receive mineral proceeds is consideredabandoned, any mineral proceeds then owing to the owner and any proceeds accruing after thattime are considered abandoned.
(3) The sum considered abandoned is subject to the custody of this state as unclaimedproperty if:
(a) the last-known address of the apparent owner, as shown on the records of the holder,is in Utah;
(b) the records of the holder do not identify the last-known address and it is establishedthat the last-known address of the apparent owner is in Utah;
(c) the records of the holder do not reflect the last-known address, and the holder isdomiciled in or is a government or governmental subdivision or agency of Utah; or
(d) the mineral interest is located in Utah and:
(i) the last-known address of the apparent owner, as shown on the records of the holder,is in a state that does not provide by law for the escheat or custodial taking of the property or is ina state in which the state's escheat or unclaimed property law is not applicable to the property; or
(ii) the last-known address of the apparent owner is unknown and the holder is domiciledin a state that does not provide by law for the escheat or custodial taking of the property or a statein which the state escheat or unclaimed property law is not applicable to the property.
(4) A holder may not deduct from mineral proceeds any charge due to dormancy unlessthere is an enforceable written contract between the holder and the owner of the mineral proceedsunder which the holder may impose a charge.
Amended by Chapter 18, 2007 General Session