North Carolina 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. A North Carolina Affidavit As to Termination of Production Payment is a legal document used in the state of North Carolina to terminate or release any claims or rights to a production payment. This affidavit declares that the party releasing the payment acknowledges receiving the full amount owed and that they have no further interest in the production payment. There are certain types of North Carolina Affidavit As to Termination of Production Payment, depending on the specific circumstances and requirements. Some common types include: 1. Voluntary Termination of Production Payment: This affidavit is used when the party receiving the production payment willingly agrees to terminate their claim or interest in the payment. It is often employed when the payment has been fully paid, or the arrangement is no longer viable or necessary. 2. Court-Ordered Termination of Production Payment: In some cases, a court may issue an order to terminate a production payment. This affidavit is submitted to comply with the court's decision and to officially release any claim or right to the payment as per the court's order. 3. Termination by Operation of Law: This type of affidavit is applicable when the termination of a production payment is mandated by the law itself. It typically occurs in situations where the contractual terms or statutory provisions specify conditions or events that automatically terminate the payment. The North Carolina Affidavit As to Termination of Production Payment must contain specific details such as the names and contact information of the parties involved, a clear statement of termination, the amount of payment received, and any necessary supporting documentation. It must be notarized to validate its authenticity and legal standing. It is vital to consult with an attorney or legal professional when drafting or filling out a North Carolina Affidavit As to Termination of Production Payment to ensure compliance with state laws and regulations.

A North Carolina Affidavit As to Termination of Production Payment is a legal document used in the state of North Carolina to terminate or release any claims or rights to a production payment. This affidavit declares that the party releasing the payment acknowledges receiving the full amount owed and that they have no further interest in the production payment. There are certain types of North Carolina Affidavit As to Termination of Production Payment, depending on the specific circumstances and requirements. Some common types include: 1. Voluntary Termination of Production Payment: This affidavit is used when the party receiving the production payment willingly agrees to terminate their claim or interest in the payment. It is often employed when the payment has been fully paid, or the arrangement is no longer viable or necessary. 2. Court-Ordered Termination of Production Payment: In some cases, a court may issue an order to terminate a production payment. This affidavit is submitted to comply with the court's decision and to officially release any claim or right to the payment as per the court's order. 3. Termination by Operation of Law: This type of affidavit is applicable when the termination of a production payment is mandated by the law itself. It typically occurs in situations where the contractual terms or statutory provisions specify conditions or events that automatically terminate the payment. The North Carolina Affidavit As to Termination of Production Payment must contain specific details such as the names and contact information of the parties involved, a clear statement of termination, the amount of payment received, and any necessary supporting documentation. It must be notarized to validate its authenticity and legal standing. It is vital to consult with an attorney or legal professional when drafting or filling out a North Carolina Affidavit As to Termination of Production Payment to ensure compliance with state laws and regulations.