Maryland Affidavit As to Termination of Production Payment

• Category: Oil Gas and Minerals - Affidavits
• State: Multi-State
• Control #: US-OG-171
• Format: Word; Rich Text

Description

An affidavit is statement of facts which is sworn to (or affirmed) before an officer who has authority to administer an oath (e.g. a notary public). This affidavit form is used when the Production Payment is deemed to have been satisfied and no longer burdens the Oil and Gas Leases on the Land. Maryland Affidavit As to Termination of Production Payment is a legal document that certifies the end of a production payment in the state of Maryland. This affidavit is filled out by the party responsible for making the payment and is typically required when terminating or transferring the production payment rights. Keywords: Maryland, affidavit, termination, production payment, legal document, certification, party, payment rights. There are different types of Maryland Affidavit As to Termination of Production Payment, which include: 1. Voluntary Termination: This type of affidavit is used when the party responsible for making the production payment voluntarily terminates the agreement. It confirms that the payment obligations have been fulfilled and releases the party from any further payment responsibilities. 2. Involuntary Termination: This type of affidavit is utilized when the production payment is terminated due to certain circumstances beyond the control of the party responsible for the payment. These circumstances may include bankruptcy, foreclosure, or other legal complications. The affidavit is prepared to provide evidence of the involuntary termination and safeguard the party from any liabilities. 3. Transfer of Rights: This type of affidavit is employed when the production payment rights are being transferred from one party to another. It outlines the details of the transfer, including the new party's responsibilities and obligations concerning the production payment. 4. Partial Termination: In some cases, only a portion of the production payment may be terminated or transferred. This type of affidavit is used to reflect the partial termination, specifying which part of the payment is affected and the reasons for it. The Maryland Affidavit As to Termination of Production Payment serves as a crucial legal document that establishes the end of a production payment in Maryland, ensuring compliance with state regulations and protecting the rights and obligations of the parties involved.

Maryland Affidavit As to Termination of Production Payment is a legal document that certifies the end of a production payment in the state of Maryland. This affidavit is filled out by the party responsible for making the payment and is typically required when terminating or transferring the production payment rights. Keywords: Maryland, affidavit, termination, production payment, legal document, certification, party, payment rights. There are different types of Maryland Affidavit As to Termination of Production Payment, which include: 1. Voluntary Termination: This type of affidavit is used when the party responsible for making the production payment voluntarily terminates the agreement. It confirms that the payment obligations have been fulfilled and releases the party from any further payment responsibilities. 2. Involuntary Termination: This type of affidavit is utilized when the production payment is terminated due to certain circumstances beyond the control of the party responsible for the payment. These circumstances may include bankruptcy, foreclosure, or other legal complications. The affidavit is prepared to provide evidence of the involuntary termination and safeguard the party from any liabilities. 3. Transfer of Rights: This type of affidavit is employed when the production payment rights are being transferred from one party to another. It outlines the details of the transfer, including the new party's responsibilities and obligations concerning the production payment. 4. Partial Termination: In some cases, only a portion of the production payment may be terminated or transferred. This type of affidavit is used to reflect the partial termination, specifying which part of the payment is affected and the reasons for it. The Maryland Affidavit As to Termination of Production Payment serves as a crucial legal document that establishes the end of a production payment in Maryland, ensuring compliance with state regulations and protecting the rights and obligations of the parties involved.