§ 34-24-117 — Mineral proceeds

Wyoming § 34-24-117

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 24: UNIFORM UNCLAIMED PROPERTY ACT

Text

(a) Any sum payable as mineral proceeds that has remained
unclaimed by the owner for more than three (3) years after it
became payable or distributable and the owner's underlying right
to receive those mineral proceeds are deemed abandoned.
(b) At the time an owner's underlying right to receive
mineral proceeds is deemed abandoned, any mineral proceeds then
owing to the owner and any proceeds accruing after that time are
deemed abandoned. The sum deemed abandoned is subject to the
custody of this state as unclaimed property if:
(i) The last known address, as shown on the records
of the holder, of the apparent owner is in this state;
(ii) The records of the holder do not reflect the
last known address and it is established that the last known
address of the apparent owner is in this state;
(iii) The records of the holder do not reflect the
last known address, and the holder is domiciled in or is a
government or governmental subdivision or agency of this state;
or
(iv) The mineral interest is located in this state,
and:
(A) 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 in a state in which the state's escheat or
unclaimed property law is not applicable to the property; or
(B) The last known address of the apparent owner
is unknown and the holder is a domiciliary of a state that does
not provide by law for the escheat or custodial taking of the
property or a state in which the state escheat or unclaimed
property law is not applicable to the property.
(c) A holder may not deduct from mineral proceeds any
charge due to dormancy unless:
(i) There is an enforceable written contract between
the holder and the owner of the mineral proceeds pursuant to
which the holder may impose a charge;
(ii) For mineral proceeds in excess of five dollars
($5.00), the holder, no more than three (3) months before the
initial imposition of those charges, has mailed written notice
to the owner of the amount of those charges at the last known
address of the owner stating that those charges will be imposed,
provided the notice required in this paragraph need not be given
with respect to charges imposed before the effective date of
this act; and
(iii) The holder regularly imposes such charges and
in no instance reverses or otherwise cancels them.
(d) Charges authorized under subsection (c) of this
section may be made and collected monthly, quarterly or
annually. However, beginning with the effective date of this
act, the cumulative amount of charges may not exceed twelve
dollars ($12.00) per year, and may only be charged for a maximum
of two (2) calendar years.