Title 52 - Oil & Gas Code

§52-523. Negotiations by receiver - Deposit of funds - Discharge - Costs.

Such receiver shall proceed immediately to enter into negotiations with prospective purchasers and shall sell an oil and gas lease on the interest of the defendant or defendants, said lease to be for a primary term of not to exceed five (5) years from date and as long thereafter as oil and gas, or either of them, is produced in paying quantities from said land by the lessee. Said lease shall not be sold for less than the minimum bonus, rentals and royalties specified in the order of the court. All monies paid to the receiver shall be by him deposited in the registry of the court for the use and benefit of the defendants and thereupon the court shall immediately discharge such receiver, and any future payments paid under said oil and gas lease shall be paid directly into the registry of the court and held for the use and benefit of the defendant or defendants. The cost of the receiver and the court cost shall be affixed by the court and shall be paid by the plaintiff.

Added by Laws 1968, c. 264, § 3, emerg. eff. April 29, 1968. Amended by Laws 1969, c. 114, § 1.