Arkansas Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form is a legal document used in the state of Arkansas to transfer the rights to an overriding royalty interest (ORRIS) from the working interest owner to another party. In this assignment, the assigning party gives up their rights to a portion of their royalty interest to the assignee. This document is typically utilized when the working interest owner wants to sell or assign a specific portion of their rights in a lease or multiple leases to another party. The long form of this assignment document provides a detailed and comprehensive description of the terms and conditions of the assignment, ensuring that both parties have a clear understanding of their rights and obligations. It includes provisions regarding the transfer of the ORRIS, the consideration or payment for the assignment, the scope of the assignment, and any limitations or restrictions on the transferred interest. Keywords: Arkansas, assignment, overriding royalty interest, working interest, multiple leases, limited warranty, long form. Types of Arkansas Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty — Long Form: 1. Individual Assignment: This type of assignment involves the transfer of the ORRIS from an individual working interest owner to another party. It is a common scenario when a working interest owner wants to liquidate a portion of their royalty interest in a lease or leases. 2. Corporate Assignment: In this type of assignment, a corporation or company that holds the working interest rights transfers a portion of their ORRIS to another entity. This often occurs when a company wants to distribute or diversify its interests among multiple parties. 3. Partnership Assignment: A partnership assignment involves the transfer of an ORRIS from a partnership that owns the working interest to another party. This type of assignment allows for the redistribution of interests within the partnership or to bring in new partners. 4. Limited Liability Company (LLC) Assignment: In this assignment, an LLC with working interest rights relinquishes a portion of their ORRIS to another party. This type of assignment is popular among LCS seeking to allocate royalties among members or attract new investors. Note: It is important to consult with a legal professional specializing in oil and gas law when drafting or executing any assignment documents to ensure compliance with Arkansas state laws and regulations.
Arkansas Assignment of Overriding Royalty Interest Out of Working Interest with Multiple Leases and Limited Warranty - Long Form
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