Hello All:
I currently own one-half of the mineral rights on 130 acres and a Savings & Loan owned the other one-half. I own the total surface area as well. In the mid 90's, the S & L went out of business and was taken over by the Resolution Trust Corporation who assumed all of the S&L assets. It is my understanding the FDIC took over all the assets of the R.T.S. when they were shut down.
My county records currently show the S&L that was closed are still owners of the one-half mineral rights and myself the owner of the other one-half. It also shows there has been no activity regarding mineral rights on my property.
While we have leased our mineral rights out to different oil and gas companies in the past, there never has been any production done on the property.
I would like to recover the one-half of the mineral rights we do not own and need some advise as to the best way in going about it.
Any thoughts and suggestions would be greatly appreciated.
Thanking you in advance,
Robert G.
Robert,
This is an instance where I think attorneys can be really helpful. If you have access to a large law firm, get a recommended lawyer familiar with banking and FDIC practice. Contract with the law firm to write a proposal letter on your behalf making an offer for the minerals. Send the letter certified RRR with a copy to your favorite congressman with a note asking for some help. The FDIC may not have received the assets it should have gotten and may want to clean up the title for you. You have been leasing so you know what a fair offer is.
If you supply all of the facts to your lawyer, the legal cost may be small and may be set up front.
I would advise you not to contact the owners of record with a proposal until you get a response from the FDIC. The courthouse owners of record may want to sell you something they don't really own. It cost me a lot in legal fees last year when I learned that some minerals I purchased years earlier had been a part of a closed bankruptcy.
I hope you are successful and learn from my mistakes. If you can't find a lawyer, I will help you with a few contacts depending on the state in which your minerals are located.
Mr. Hutchinson:
Thank you so much for your reply. I really do appreciate it.
I live in Texas and any attorneys you could supply for contacts would be of a great help to me as I know none.
As I noted above, the owner of record at my courthouse for the other one-half of the mineral rights is the failed S&L that was absorbed by the Resolution Trust Corporation. And, for what I have read, the R.T.C. has been shut down by the F.D.I.C. and all assets assumed by them as well. The courthouse does not show any transfer of ownership of the rights from the R.T.C. or the F.D.I.C.
When the S&L failed, the R.T.C. did not transfer the ownership of the mineral rights at the county courthouse and the records still show a one-half owner that has long been out-of-business.
Everything you wrote makes all the sense in the world to me and I would like to follow the path you outlined.
Thanks for your help with some attorneys and I will definitely follow up with the names of who you send me.
Kind regards,
Robert G.
Robert,
I sent you a "friend" request on MRF. If you will let me know your location and the location of your land, I will try to match you up with a law firm that can help. gary.hutchinson@comcast.net