(a) All mineral proceeds that are held or owing by the holder and that have remained
unclaimed by the owner for longer than three years after they became payable or distributable
and the owner's underlying right to receive those mineral proceeds are presumed abandoned.
(b) At the time any owner's underlying right to receive mineral proceeds is presumed
abandoned under this section, any mineral proceeds then held for or owing to the owner
as a result of the underlying right and any mineral proceeds accruing after that time
as a result of the underlying right and not previously presumed abandoned are presumed
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