If a lease or contract of lands for oil and gas purposes provides in substance that actual drilling or development may be postponed by the payment or tender of the rental on or before a certain day, and the rental is not so paid or tendered, the lessor or landowner may avoid the lease or contract unless before executing a new lease or contract he has accepted payment of the rental.
Effective: October 1, 1942

Terms Used In Kentucky Statutes 353.020

  • Contract: A legal written agreement that becomes binding when signed.
  • Gas: means natural gas. See Kentucky Statutes 353.010
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • Oil: means petroleum. See Kentucky Statutes 353.010

History: Recodified 1942 Ky. Acts ch. 208, sec. 1, effective October 1, 1942, from Ky.
Stat. sec. 3766b-4.

  Previous section
Next section  
 Chapter 353 Contents