South Dakota Codified Laws 45-9-47. Order of board for unit operation–Express or implied obligations of contract covering land in unit area, fulfillment by conducting operations under order
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Operations conducted pursuant to an order of the Board of Minerals and Environment providing for unit operations shall constitute a fulfillment of all the express or implied obligations of each lease or contract covering lands in the unit area to the extent that compliance with such obligations cannot be had because of the order of the board.
Terms Used In South Dakota Codified Laws 45-9-47
- Contract: A legal written agreement that becomes binding when signed.
- 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
Source: SDC Supp 1960, § 42.0710 (8) as enacted by SL 1961, ch 211, § 1.