Terms Used In Kansas Statutes 55-1615

• Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. ^{Source: OCC}
• Excluded payments: means :

  (1) Payments which in the aggregate of 12 months' accumulation of oil or gas proceeds to one payee do not exceed $100, provided such excluded payments are disbursed annually if exceeding $10, and provided that upon written request of the payee, such excluded payments are disbursed monthly if exceeding $25; or

  (2) payments which in the aggregate of the accumulation of oil or gas proceeds to one payee do not exceed $10, provided such excluded payments are disbursed when production from the relevant well or wells ceases or when the payor's responsibility for making payment for production ceases, whichever occurs first, and provided that upon written request of the payee, such excluded payments are disbursed annually. See Kansas Statutes 55-1614

• First sale: means the transfer of ownership of oil or gas first occurring after its severance from the ground. See Kansas Statutes 55-1614
• Initial sale: means that first sale first made in time after a well commences initial oil or gas production, excluding any sale of frac oil or swab oil. See Kansas Statutes 55-1614
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• Interest rate provided herein: means that rate equal to one and one-half percentage points above the interest rate charged on loans to depository institutions by the New York Federal Reserve Bank at the start of business on the first business day of each month, unless the payor segregates the payment from its operating funds and deposits the same in a demand deposit account with a federally insured bank or savings and loan institution that earns interest at the highest rate being offered by that institution for the amount due payee by payor in such account, in which case the "interest rate provided herein" means the interest rate actually earned by payor on that account. See Kansas Statutes 55-1614
• Month: means a calendar month, unless otherwise expressed. See Kansas Statutes 77-201
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• 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
• Payment: means the sum to be paid to a payee by a payor arising from payee's interest in a first sale of oil or gas occurring on or after the effective date of this act. See Kansas Statutes 55-1614
• Payor: means :

  (1) The first purchaser of production of oil or gas from an oil or gas well. See Kansas Statutes 55-1614

• Property: includes personal and real property. See Kansas Statutes 77-201
• State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Kansas Statutes 77-201