{"data":{"id":"us-ok/okla.-stat.-tit.-52-52-552","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 52, § 52-552","heading":"Escrow accounts","body":"A. The Corporation Commission shall require the establishment\n\nof an escrow account by each holder of monies in each case where:\n\n1. Royalties, bonus payments, or other monies are directed to\n\nbe paid under a pooling order, issued under the provisions of\n\nSection 87.1 of Title 52 of the Oklahoma Statutes; and\n\n2. Persons entitled to the receipt of such monies are unknown\n\nor cannot be located after exercise of due diligence.\n\nB. The escrow account shall be for the benefit of the rightful\n\nrecipient of the monies. Any person showing to the holder\n\nsufficient proof of identity and proof of ownership of the property\n\nshall be promptly paid the sum accumulated for his benefit in the\n\nescrow account.\n\nC. The Corporation Commission shall require reports of each\n\nsuch account be filed within one (1) year after the pooling order.\n\nThe reports shall include, but not be limited to:\n\n1. The name and last-known address of the property owner;\n\n2. The legal description of the property interest subject to\n\nthe pooling order;\n\n3. The location and account number of the escrow account;\n\n4. The person authorized to order withdrawals from the account;\n\n5. The date of the pooling order; and\n\n6. Such other information as the Commission may require.\n\nD. If any holder of monies is required to establish more than\n\none escrow account by operation of any section of this act, then the\n\nmonies accruing may all be commingled in a single account. Separate\n\nrecords of each deposit and withdrawal on behalf of specific persons\n\nshall be maintained.\n\nE. One (1) year after the date of the pooling order, the holder\n\nshall submit the report of funds that have been held in escrow, and\n\nshall transmit to the Corporation Commission the funds that have\n\nbeen so held. If additional monies covered by this act are\n\nsubsequently generated from mineral interests included in a pooling\n\norder, they shall likewise be held in escrow and transmitted\n\nannually by the holder, along with the names of mineral owners who\n\nhave in the intervening year submitted proper claims of ownership to\n\nmineral interests covered by this act.\n\nProvided, however, that payment of such monies shall be optional\n\nwith the holder if the amount held for any one person is One Hundred\n\nDollars ($100.00) or less. This exemption does not relieve the\n\nholder of filing the required reports, regardless of the amount.","path":["OK Code","Title 52"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os52.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"b97f8205f3dd7cc48524f3fa3d8b827fefc157c25ab7862ce78a3be39cf7402a","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-52-52-551","next":"us-ok/okla.-stat.-tit.-52-52-553"},"notice":"GroundRules: Original legal text. Not legal advice."}