April 6, 2001

 

HOUSE EXECUTIVE MESSAGE NO.  109

 

 

The Honorable Ben Lujan and

Members of the House of Representatives

Executive-Legislative Building

Santa Fe, New Mexico 87503

 

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