A bank owns 1/2 the mineral rights (purchased in 1939) under a section of land; I own 1/2 the section and 1/2 the mineral rights. Today I learned that the entire section had been leased to an operater from June 2006-July, 2011. The operator was paying the bank annual lease payments. There has been no development on the lease.
1. Should I have been made aware of that transaction?
2. Am I intitled to receive any income from that transaction?
Thanks for your input,
Sandy
Not unless someone else ( the bank ) has the executive right to sign a lease for you.The whole section may have been subject to a lease, but not necessarily the portion of the minerals that are yours.
I will request a copy of the document that sold (or leased) 1/2 the mineral rights from the bank. Are these documents recorded (like deeds)? Any thoughts about where I might find registered copies of the document–it was signed in 1939.
r w kennedy said:
Not unless someone else ( the bank ) has the executive right to sign a lease for you.The whole section may have been subject to a lease, but not necessarily the portion of the minerals that are yours.
Have you contacted the courthouse in the county where the property is located?
I have been working with the County Assessor, Clerk & Recorder. It was with their assistance I learned about the presence of the bank–it’s not on my tax statement. All of the recorded deeds are available for my inspection and copy–they don’t have people/time to go through them for me. Unfortunately they are in Colorado and I’m in California so heading to the County to thumb through the records isn’t an option. I sent an email to the bank and requested a copy of the mineral rights sale document.
Nancy Mosley said:
Have you contacted the courthouse in the county where the property is located?
If someone is mistakenly paid delay rental on your minerals, that money doesn't belong to you. If you wish to lease I think you can go forward on your own. If you invite lease offers from oil and gas co's, if they are interested, they will look into whether you have the right to lease and how much you own. It may not be a definitive search, but it will be enough to make them feel comfortable dealing with you. If you don't have executive rights to lease, they will likely tell you.
It may be that they can recommend a landman or someone else who can find the documents for you for a fee.
Sandy said:
I have been working with the County Assessor, Clerk & Recorder. It was with their assistance I learned about the presence of the bank--it's not on my tax statement. All of the recorded deeds are available for my inspection and copy--they don't have people/time to go through them for me. Unfortunately they are in Colorado and I'm in California so heading to the County to thumb through the records isn't an option. I sent an email to the bank and requested a copy of the mineral rights sale document.
Nancy Mosley said:Have you contacted the courthouse in the county where the property is located?