Gas or oil drilling units; escrowed proceeds. (HB2389)
Introduced By
Sen. Todd E. Pillion (R-Abingdon) with support from co-patron Del. Terry Kilgore (R-Gate City)
Progress
✓ |
Introduced |
✗ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Gas or oil drilling units; escrowed proceeds; school board. Provides that proceeds of certain gas or oil wells, escrowed because the owner's identity and location remain unknown, shall be presumed abandoned and made available to the school board nearest the drilling unit. Current law requires such escrowed proceeds to be disposed of pursuant to the Uniform Disposition of Unclaimed Property Act. The bill also provides that certain escrowed proceeds due to known and locatable claimants of coalbed methane gas wells that were force-pooled prior to July 1, 2015, shall be made available to the local school board when one year has passed and certain other conditions are met. Read the Bill »
Outcome
History
| Date | Action |
|---|---|
| 01/18/2017 | Committee |
| 01/18/2017 | Presented and ordered printed 17104060D |
| 01/18/2017 | Referred to Committee on Agriculture, Chesapeake and Natural Resources |
| 01/25/2017 | Referred from Agriculture, Chesapeake and Natural Resources |
| 01/25/2017 | Referred to Committee on Finance |
| 01/25/2017 | Impact statement from DPB (HB2389) |
| 01/25/2017 | Assigned Finance sub: Subcommittee #3 |
| 01/27/2017 | Subcommittee recommends laying on the table |
| 02/07/2017 | Left in Finance |