Kansas Partial Release of Lien on Assigned Overriding Royalty Interest

• Category: Oil Gas and Minerals - Releases
• State: Multi-State
• Control #: US-OG-406
• Format: Word; Rich Text

Description

This form of release is used when Lienholder releases, relinquishes, and surrenders to Mortgagor/ Grantor's Assignee all of Lienholder's rights, claims, and liens under the Mortgage/Deed of Trust in and to an undivided overriding royalty interest. A Kansas Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that serves to release a portion of the lien placed on an assigned overriding royalty interest in the state of Kansas. This partial release allows the owner of the property or interest to free up a specific percentage or portion of the lien that had been placed on the assigned overriding royalty interest. An assigned overriding royalty interest refers to the portion of the mineral rights owned by an individual or entity that is separate from the actual ownership of the property itself. It is a non-operating interest that grants the owner the right to a percentage of the profits generated from the production of minerals, such as oil and gas, on the property. When a lien is placed on this assigned overriding royalty interest, it typically means that there is an outstanding debt or obligation that needs to be paid or fulfilled before the interest can be fully transferred or utilized by the owner. However, in some cases, the owner may only need to release a portion of the lien to satisfy a specific requirement or transaction. Different types of Kansas Partial Release of Lien on Assigned Overriding Royalty Interest may include: 1. Percentage-based partial release: This type of partial release involves releasing a specific percentage of the lien, allowing the owner to retain a portion of the assigned overriding royalty interest while partially satisfying the underlying debt or obligation. 2. Time-based partial release: In certain situations, a partial release may be time-bound, either based on a specific date or a predefined period. This type of release is often utilized when the owner needs access to a portion of their assigned overriding royalty interest for a limited time period. 3. Purpose-based partial release: This type of partial release involves releasing the lien on the assigned overriding royalty interest for a specific purpose, such as funding a particular project or meeting a specific financial requirement. Once the purpose is fulfilled, the lien may be reinstated or modified accordingly. It is essential to consult with legal professionals specializing in Kansas laws and regulations to ensure the proper documentation and compliance during the process of a Kansas Partial Release of Lien on Assigned Overriding Royalty Interest. Additionally, understanding the specifics of the lien and the assigned overriding royalty interest is crucial to determine the appropriate type of partial release required.

A Kansas Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that serves to release a portion of the lien placed on an assigned overriding royalty interest in the state of Kansas. This partial release allows the owner of the property or interest to free up a specific percentage or portion of the lien that had been placed on the assigned overriding royalty interest. An assigned overriding royalty interest refers to the portion of the mineral rights owned by an individual or entity that is separate from the actual ownership of the property itself. It is a non-operating interest that grants the owner the right to a percentage of the profits generated from the production of minerals, such as oil and gas, on the property. When a lien is placed on this assigned overriding royalty interest, it typically means that there is an outstanding debt or obligation that needs to be paid or fulfilled before the interest can be fully transferred or utilized by the owner. However, in some cases, the owner may only need to release a portion of the lien to satisfy a specific requirement or transaction. Different types of Kansas Partial Release of Lien on Assigned Overriding Royalty Interest may include: 1. Percentage-based partial release: This type of partial release involves releasing a specific percentage of the lien, allowing the owner to retain a portion of the assigned overriding royalty interest while partially satisfying the underlying debt or obligation. 2. Time-based partial release: In certain situations, a partial release may be time-bound, either based on a specific date or a predefined period. This type of release is often utilized when the owner needs access to a portion of their assigned overriding royalty interest for a limited time period. 3. Purpose-based partial release: This type of partial release involves releasing the lien on the assigned overriding royalty interest for a specific purpose, such as funding a particular project or meeting a specific financial requirement. Once the purpose is fulfilled, the lien may be reinstated or modified accordingly. It is essential to consult with legal professionals specializing in Kansas laws and regulations to ensure the proper documentation and compliance during the process of a Kansas Partial Release of Lien on Assigned Overriding Royalty Interest. Additionally, understanding the specifics of the lien and the assigned overriding royalty interest is crucial to determine the appropriate type of partial release required.