HOUSE EXECUTIVE MESSAGE NO. 109
The Honorable Ben Lujan and
Members of the House of Representatives
Honorable Speaker and Members of the House:
I have this day VETOED and am
returning HOUSE APPROPRIATIONS AND FINANCE COMMITTEE SUBSTITUTE FOR HOUSE BILL
926 enacted by the Forty-Fifth Legislature, First Session, 2001.
This legislation requires oil or gas well operators to make a diligent effort to furnish oil and gas proceeds payors the current name, address, and interest percentage of each interest owner. It also provides that if the operator fails to make diligent effort, the interest owner has a right to recover damages from the operator on the amount of payment that failed to get to the owner, plus an 18 percent penalty. Such a change in the law is unnecessary; interest owners currently have a legal right to recover penalty interest if payors fail to tender timely payment of the owners’ interest in the proceeds.
Sincerely,
Gary E. Johnson
Governor
RECEIVED FROM THE OFFICE OF THE
GOVERNOR:
Time: _____________________ By:_____________________________
Secretary of State
Date ______________________
Time:______________________
Date_______________________ By:_____________________________
Chief Clerk of the House
H109h926