Does responsibility for funds in suspense from original operator transfer to the new operator? In Texas. New operator is currently in non-compliance w/ RRC. All phone #s disconnected.
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Some operators retain suspended funds (such as minimum suspense royalties) and others will forward the funds to the new operator. Contact the old operator and request that all funds in suspense be released. If the royalties are in suspense due to a title issue, they will not be released until title is cleared.
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The RRC maintains contact phone numbers for all producers. A list is available on their website or you can call the RRC or the RRC District Office. Unclaimed funds compliance can vary wildly by company.
I think this is a great question. I’d love to know where one would find any actual law on the matter.
Each State is slightly different in compliance. The general rule is 3 years of no contact, then moneys are sent to unclaimed funds. The former Purchaser may transfer funds that have not been forwarded to unclaimed to a new Purchaser, but will generally let the funds age to the 3 year mark and then forward to unclaimed. Check the State’s Unclaimed website for rules and regs for Holders.
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