Kansas Statutes 55-1616. Same; force and effect of waivers
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Terms Used In Kansas Statutes 55-1616
- Act: means the provisions of Kan. See Kansas Statutes 55-1626
- Payee: means any person or persons, or a court of competent jurisdiction, to whom payment of revenues accrued from the first sale of oil or gas from an oil or gas well located in Kansas should be made, whether the same arises from ownership of the proceeds or an interest in the producing property or a contract right to receive or disburse the payment. See Kansas Statutes 55-1614
Any waiver of the interest provided by this act shall be of no force or effect, unless such waiver is evidenced by a written document executed by payee which clearly states that payee waives payee’s right to receive interest provided by this act by an express reference to this act, including reference to the rate of interest provided in this act.