Supreme Court of Oklahoma
Txo Production Corporation, Appellant v. Oklahoma Corporation Commission, Appellee
April 13, 1992829 P.2d 964
Summary
The court upheld the Unclaimed Pooled Monies Act by construing it narrowly to conform to controlling federal priority rules governing competing state claims to unclaimed intangible property. It held that Oklahoma may transfer qualifying pooled-mineral proceeds to its unclaimed-property funds and may temporarily retain other proceeds until another state establishes a superior right to custody or escheat. The court vacated the Court of Appeals' opinion, reinstated the Corporation Commission's order, and remanded for further proceedings.