I have a lawyer interested in buying my shares in oil royalist. They are paying around $290 a month. I don't know how much they are worth. He has told me he will go to court if I don't sell them to him.
I'd be vary wary of dealing with anyone offering you the "option" to sell versus going to court. In fact, I'd would be a pretty good bet that that lawyer would get a mouthful of information on exactly what part of my anatomy they could kiss.
I would tell him to go to court and that my counter suit would be a doozy. I would get really deep in his pocket.
He is just trying to scare and pressure you. People can't sue you because you refuse to sell your property to them.
I still need to know if I decide to sell how much is it worth. The laywer says he is going to serve me with process. I can't travel 800 miles to appear in court.
What is the back story here? There is no basis for any suit simply due to the fact of refusing to sell a property that you own to a given party.
Either there is quite a bit of missing information in the scenario presented, or that lawyer is full of ....
Lynn Cowan said:
I own my mother and my aunt's shares and that is what he is wanting. There are about 15 other individuals who own shares. He says he can go to court and get them all combined and take them that way.
DJG said:What is the back story here? There is no basis for any suit simply due to the fact of refusing to sell a property that you own to a given party.
Either there is quite a bit of missing information in the scenario presented, or that lawyer is full of ....
Actually, contrary to the previous postings, he has evidently plenty of standing and basis for a suit.
He apparently has a client that wants to control all of the shares (or the lawyer does (and one of the co-tenants are in it to help him or for an increased share).
When you are a co-tenant (like you), you are NEVER forced into a co-tenancy with another. If amicable arrangements cannot be made, the real two options that are available is a partition in kind or by a Partition by Licitation with each person getting their proportionate share of the sale proceeds, less expenses.
This does NOT mean that you cannot be the successful bidder at the courthouse steps.
PS to DJG, the old saying goes, "You can indict a ham sandwich."
I didn't see co-tennantcy mentioned anywhere. In that case I could see where the lawyer might have a leg to stand on. I guess it didn't occour to me because, if I wanted to create the greatest animosity possible in my family. I'd make them co-tennants. Ms. Cowan, are you a co-tennant or do you simply have an undivided interest in a location where others have interests also ?
Bob, you are right that he did not mention co-tenancy by name. However, when he said "shares" that was the only conclusion that I could come up with.
By the way, an undivided interest is a co-tenant situation. A divided interest does not. That would be when you owned the minerals outright.
You and I are aware of the jargon of the business and novices have to take a stab at trying to convey the meaning.
r w kennedy said:
I didn't see co-tennantcy mentioned anywhere. In that case I could see where the lawyer might have a leg to stand on. I guess it didn't occour to me because, if I wanted to create the greatest animosity possible in my family. I'd make them co-tennants. Ms. Cowan, are you a co-tennant or do you simply have an undivided interest in a location where others have interests also ?
Lynn,
If you own both an interest in the surface and the minerals, if it is located in Texas you can have a mineral deed drawn up and severe the minerals from the surface. It is what is called a separate "bundle of sticks" in Texas. Then if a suit is filed about the surface estate your undivided interest in the minerals and surface don't exist as one any more. So if a court orders the property sold your mineral interest could not be as they are separate.
As far as I know you can sell minerals in the U.S. Some states have different laws like Louisiana.
Lynn Cowan said:
I still need to know if I decide to sell how much is it worth. The laywer says he is going to serve me with process. I can't travel 800 miles to appear in court.
I think Ms. Cowan has already producing minerals and the lawyer wants to buy them. Since the minerals are already subject to a lease and producing ($290 a month), I don't see what grounds the lawyer could have for court action. Ms. Cowan doesn't seem to be standing in the way of any use, except possibly the lining of someone elses pocket.
As RW Kennedy said, you can't sue someone simply because they refuse to sell you their property.
Depending on what state the mineral rights are in, I don't even know that an involuntary partition would be possible. Otherwise, any yahoo who acquires the smallest undivided interest in the mineral rights under a tract could force everyone else to sell.
You mention "shares," which is not a term typically used to refer to ownership of mineral rights. Do you own the minerals outright, or do you own shares in legal entity like a partnership?
r w kennedy said:
I would tell him to go to court and that my counter suit would be a doozy. I would get really deep in his pocket.
He is just trying to scare and pressure you. People can't sue you because you refuse to sell your property to them.