Statute 55-221: Same; duties of receiver.
Such receiver shall proceed immediately to enter into negotiations with
prospective purchasers and shall sell an oil and gas lease on the interest
of the defendant or defendants, said lease to be for a primary term of not
to exceed five (5) years from date and as long thereafter as oil and gas,
or either of them, is produced in paying quantities from said land by the
lessee. Said lease shall not be sold for less than the minimum bonus,
rentals and royalties specified in the order of the court. All monies paid
to the receiver shall be by the receiver deposited with the court for the
use and benefit of the defendants and thereupon the court shall immediately
discharge such receiver, and any future payments paid under said oil and
gas lease shall be paid directly into the court and held for the use and
benefit of the defendant or defendants. The cost of the receiver and the
court cost shall be affixed by the court and shall be paid by the
plaintiff.
History: L. 1973, ch. 218, § 3; July 1.