Okla. Stat. tit. 52 § 549.6

Current through Laws 2024, c. 453.

Section 549.6 - Rights of purchaser

A purchaser takes free of any oil and gas lien otherwise applicable to the oil or gas so purchased, and shall be relieved of any obligations created by subsection A of Section 570.10 of Title 52 of the Oklahoma Statutes, only in the event that either of the following occur:

1. The purchaser is deemed to be a buyer in the ordinary course of the first purchaser's business as defined in Article 9; or

2. The purchaser has paid all of the consideration due the first purchaser, including by exchange of oil or gas, net-out or set-off, under all applicable enforceable contracts in existence at the time of the payment.

Notwithstanding the foregoing, the oil and gas lien will continue uninterrupted in the proceeds paid to or otherwise due the first purchaser.

Except as specifically set forth in this section, an oil and gas lien has priority over the rights of any purchaser.

Okla. Stat. tit. 52, § 549.6

Added by Laws 2010 , SB 1615, c. 142, §6, emerg. eff. 4/19/2010.