71-3-1607. Expiration of lien -- enforcement -- consolidation -- costs -- personal actions -- other rights and remedies.
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/mt/title-71/chapter-3/part-16/71-3-1607·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
71-3-1607 . Expiration of lien -- enforcement -- consolidation -- costs -- personal actions -- other rights and remedies.
(1)A security interest and lien claimed by an interest owner under 71-3-1603 and perfected under 71-3-1605 are attached to oil or gas that has not been paid for or to the proceeds of oil or gas if the oil or gas has been sold. The security interest and lien expire 1 year after the date of the filing of the notice of the lien under 71-3-1605 unless within that year the interest owner files a personal right of action, as provided in subsection (2), in a court of competent jurisdiction in the county in which the leasehold is located. The interest owner may request an extension of the security interest and lien as part of the personal right of action filing.
(2)Any number of persons claiming security interests and liens with respect to the oil or gas from the same leasehold may join a personal right of action. The court may consolidate any separate personal rights of action.
(3)The court may allow to the prevailing party costs as provided in 71-3-124 and any money paid for copying or obtaining records filed under this part.
(4)If the personal right of action is commenced after the filing of an instrument, as provided in 71-3-1605 , the instrument must be considered as a lien upon the severed oil or gas or on the proceeds from the sale of the severed oil or gas, if sold, to the extent of the interest owner's claim for payment of the amount due the interest owner or the amount of the security interest and lien recorded under 71-3-1605 by the interest owner. The security interest and lien may be further enforced as provided in 71-3-124 .
(5)The provisions of this part do not impair or affect the right of a person to whom a debt may be due to maintain a personal right of action to recover the debt against a person who is liable for the debt.
(6)The provisions of this part are cumulative to the provisions of Title 30, chapter 9A, and not a limitation on or a substitution or impairment of any rights or remedies provided to a creditor against a debtor under Title 30, chapter 9A.