Kentucky Statutes 353.020 – Oil and gas lease or contract, when lessor may avoid
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If a lease or contract of lands for oil and gas purposes provides in substance that actual drilling or development may be postponed by the payment or tender of the rental on or before a certain day, and the rental is not so paid or tendered, the lessor or landowner may avoid the lease or contract unless before executing a new lease or contract he has accepted payment of the rental.
Effective: October 1, 1942
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 3766b-4.
Effective: October 1, 1942
Terms Used In Kentucky Statutes 353.020
- Contract: A legal written agreement that becomes binding when signed.
- Gas: means natural gas. See Kentucky Statutes 353.010
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Oil: means petroleum. See Kentucky Statutes 353.010
History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 3766b-4.