Bill No.: SF0022 Drafter: LNS
LSO No.: 11LSO-0065 Effective Date: 4/1/2011
Enrolled Act No.: SEA0003
Chapter No.: CH0003
Prime Sponsor: Joint Judiciary Interim Committee
Catch Title: Wind energy property rights.
Subject: Property rights in the development of wind energy.
Summary/Major Elements:
· This act creates a property right in the development of wind energy.
· This act provides that the property right is an interest in real property. It is attached to the surface estate and cannot be severed from the surface estate.
· This act allows wind energy property rights to be developed through wind energy agreements. A wind energy agreement (or a notice of an agreement) must be recorded with the county clerk.
· This act does not affect wind energy agreements entered into before April 1, 2011 if they are recorded on or before July 1, 2011.
· The act clarifies that wind energy becomes personal property when it is converted into electricity.
Comments:
· Popular name: Wind Energy Rights
· The act becomes effective April 1, 2011.