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Nebraska Revised Statutes Chapter 69. Personal Property § 69-1307.04. Mineral rights and proceeds; presumed abandoned; when

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) For purposes of this section, unless the context otherwise requires:

(1) Mineral means oil, gas, uranium, sulphur, lignite, coal, and any other substance that is ordinarily and naturally considered a mineral, regardless of the depth at which the oil, gas, uranium, sulphur, lignite, coal, or other substance is found; and

(2) Mineral proceeds includes:

(i) All obligations to pay resulting from the production and sale of minerals, including net revenue interest, royalties, overriding royalties, production payments, and joint operating agreements; and

(ii) All obligations for the acquisition and retention of a mineral lease, including bonuses, delay rentals, shut-in royalties, and minimum royalties.

(b) Any sum payable as mineral proceeds and the underlying right to receive mineral proceeds are presumed abandoned if any sum payable as mineral rights has remained unclaimed by the owner for more than three years after it became payable or distributable. At the time an owner's underlying right to receive mineral proceeds is presumed abandoned, any mineral proceeds then owing to the owner and any proceeds accruing after that time are presumed abandoned.

(c) A holder may not deduct any amount from mineral proceeds unless:

(1) 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;

(2) For mineral proceeds in excess of five dollars, the holder, no more than three 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, but the notice provided in this section need not be given with respect to charges imposed before July 16, 1994; and

(3) The holder regularly imposes such charges and in no instance reverses or otherwise cancels them.

(d) Charges imposed pursuant to subsection (c) of this section may be made and collected monthly, quarterly, or annually. However, beginning with July 16, 1994, the cumulative amount of charges shall not exceed twelve dollars per year, and shall only be charged for a maximum of two calendar years.

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Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 69. Personal Property § 69-1307.04. Mineral rights and proceeds; presumed abandoned; when - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-69-personal-property/ne-rev-st-sect-69-1307-04/

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