§58-929.1. Sales and agreements by administrators and executors -
301 words·~1 min read·
/ok/title-58-probate-procedure/58-929-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Approval.
Administrators and executors of the estates of deceased persons and guardians of the estates of minors and incompetents are hereby authorized to sell, as hereinafter provided, oil and gas and mineral leaseholds, or any part hereof, owned by the estate of said deceased
person, or by said minor or incompetent and, in connection with said sale, or independently thereof, to enter into transactions and to execute all instruments necessary or advantageous to the estate of said decedent or ward in the operation or development of any oil and gas and mineral leasehold, or any part thereof, owned by the estate of said decedent or ward, including but not limited to joint operating agreements, unitization agreements, repressuring agreements and water-flooding agreements.
The term "sale" as used in this act shall not be limited to sales for a cash consideration but may include sales made in consideration of a drilling obligation, oil payment, overriding royalty, exchange of oil and gas and mineral leaseholds, or such other consideration as the court shall find to be for the best interest of the estate of said decedent or ward. All such sales and agreements shall be subject to the approval of the district court in which said administration or guardianship proceedings are pending.
If the will of any such deceased person empowers the executor to sell real property, it shall not be necessary for the executor, or the administrator with the will annexed, to comply with this act; but in such case the sales and agreements authorized by this act shall be deemed to be sales of property and subject to the provision of Section 462 of Title 58, Oklahoma Statutes 1961. Laws 1955, p. 304, § 1; Laws 1961, p. 442, § 1; Laws 1965, c. 272, § 1, emerg. eff. June 23, 1965.