55-1615. Same; interest on certain payments required; commencement and amount of payments; exception. The payor shall owe its payee interest on any payment, other than excluded payments, at the interest rate provided herein, determined on the first business day of the month that interest commences to accrue for that payment. For each subsequent month, the payor shall owe its payee interest on the unpaid balance due payee on the last day of the month preceding such subsequent month at the interest rate provided herein determined on the first business day of each such subsequent month. Interest shall commence to accrue 60 days following the last calendar day of the month of first sale and shall cease to accrue upon the day that payor places the payment in the United States mail, postage prepaid and addressed to payee. In the event a payor pays a payee's payment or portion thereof to a state under applicable unclaimed, abandoned or escheat property laws, then payor's obligation to pay interest on the portion paid over to the state shall cease upon the day that such state receives the payment from payor. Notwithstanding the above, interest shall not commence on oil or gas sales occurring during the first 60 days following the initial sale provided payment is placed in the United States mail, postage prepaid, and addressed to payee, within 120 days following the last calendar day of the month of the initial sale.
History: L. 1991, ch. 160, ยง 2; July 1.
Structure Kansas Statutes
Article 16 - Miscellaneous Provisions
55-1601 Lapsing and reversion of mineral interests; definition.
55-1602 Same; lapse and reversion, when.
55-1603 Same; use of mineral interest defined.
55-1604 Same; statement of claim, contents; filing, when and where; effect of failure to file.
55-1605 Same; notice of lapse by succeeding owner; contents; prima facie evidence, when.
55-1606 Same; recordation by register of deeds of statement of claim or proof of notice.
55-1607 Same; waiver of law prohibited.
55-1610 Development of minerals within city; definitions.
55-1611 Same; authorizing ordinance, requirements.
55-1612 Same; protective ordinances permitted, when.
55-1613 Same; act not applicable to certain drilling units.
55-1614 Interest payments on payments from oil or gas production; definitions.
55-1615 Same; interest on certain payments required; commencement and amount of payments; exception.
55-1616 Same; force and effect of waivers.
55-1617 Same; jurisdiction of court to settle disputes; attorney fees.
55-1618 Same; nonapplicability to certain interest payments.
55-1619 Same; rights of payee not limited or impaired.
55-1620 Oil and gas payments to interest owners; information required to be included.
55-1621 Same; contractual obligations or rights not affected.
55-1622 Oil and gas payments to interest owners; specific listing of information; when.
55-1622a Annual notice to royalty interest owners, required contents.
55-1622b Failure to provide required information; mediation; civil action.
55-1623 Oil and gas regulation by commission; penalties, procedures.
55-1624 FERC-ordered refunds of tax reimbursements; recovery.
55-1627 Kansas oil and gas resources board; purpose; membership; officers.
55-1628 Same; powers and duties.
55-1629 Same; meetings; director.
55-1630 Same; assessments on production of oil and gas; oil and gas resources fund.
55-1632 Same; refunds, request procedure.
55-1633 Oil and gas resources fund; interest; use.
55-1634 National or regional assessment; use of portion of state assessment in lieu of, when.
55-1635 Effect of act; severability.
55-1636 Carbon dioxide reduction act.
55-1637 Same; definitions; commission powers; liability limitation.
55-1638 Same; carbon dioxide injection well and underground storage fund.
55-1639 Same; violations, penalties; commission authority.
55-1640 Same; commission ingress and egress for investigation and enforcement.