When selling a oil royalty interest at auction , who’s responsibility is it to notify the oil company that there’s a new royalty interest owner , the seller or buyer? I purchased multiple royalty interest years ago and I’ve never received royalty checks on one of the interests. the oil co Will be updating their records but what about payments made after the sale that I never received that went to prev royalty owner unaware that checks did not belong to them as they have/had numerous interests
The new buyer is responsible for notifying the company and requesting a new Division Order. How else would they know you exist?
At least that is my understanding. …
Thank you for your reply. I look at it the same way, I should have done more research in the company that issues checks to royalty interest owners when purchasing them at auction. I also did research on my parents who passed years ago that have unclaimed funds in their name in a particular state at which I thought they had sold those interest but the companies are still issuing checks in their names. So now I need exercise due diligence to contact those companies to advise them all interest resold. Maybe I’ll get lucky and find a nugget that wasn’t aware of