This form is used when Assignor transfers, assigns and conveys to Assignee an overriding royalty interest in all of the oil, gas, and other minerals produced, saved, and marketed from all of the Lands and Leases equal to a determined amount (the Override ).
Title: North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors — Explained with Different Types Introduction: The North Carolina Assignment of Overriding Royalty Interest (ORRIS) by Multiple Assignors is a legal document used in the oil, gas, and mineral industry to transfer ownership of the overriding royalty interest in a property from several assignors to one assignee. This assignment enables the assignee to collect a percentage of the revenue generated from the production of oil, gas, or minerals from the specific property. Let's delve into the different types of North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors: 1. Voluntary Assignment of Overriding Royalty Interest: A voluntary assignment occurs when a group of assignors, who hold overriding royalty interests in a property, mutually agree to assign their interests to a single assignee. This assignment is initiated willingly by the assignors without any external pressure. The document executed for this purpose outlines the specifics of the assignment, including the assignor's names, their respective overriding royalty interests, legal property descriptions, and the assignment percentage for each assignor. 2. Involuntary Assignment of Overriding Royalty Interest: An involuntary assignment of overriding royalty interest in North Carolina occurs when the assignors are compelled to transfer their interests to a single assignee due to legal requirements or contractual obligations. This type of assignment can be triggered by various scenarios, such as a court order, lien enforcement, or foreclosure action. The document detailing the involuntary assignment includes the names of assignors, their ownership interests, legal property descriptions, and the grounds on which the involuntary assignment is being made. 3. Assignment of Overriding Royalty Interest in Multiple Assignors in Estates: In estates, when there are multiple heirs or beneficiaries entitled to overriding royalty interests, an assignment may take place to consolidate the interests under one assignee. This type of assignment is often necessitated to streamline the administration of the estate and resolve potential disputes. The assignment document lists the assignors, their respective interests, relevant legal descriptions, the percentage assigned by each heir or beneficiary, and any additional agreements related to the estate assignment. 4. Partial Assignment of Overriding Royalty Interest: In certain cases, assignors may opt to assign only a portion of their overriding royalty interest instead of their entire interest. This partial assignment occurs when the assignors wish to retain partial ownership, diversify their investments, or allocate interests to different assignees. The document reflects the names of assignors, the specific percentage or fraction of their overriding royalty interest being assigned, and the relevant property details. Conclusion: The North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors encompasses various types of assignments, including voluntary and involuntary assignments, estate assignments, and partial assignments. Each type serves distinct purposes and involves documenting key information such as assignor details, overriding royalty interest percentages, legal property descriptions, and any additional terms or conditions. Understanding these different types of assignments enables interested parties to navigate the complex world of overriding royalty interests in North Carolina.
Title: North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors — Explained with Different Types Introduction: The North Carolina Assignment of Overriding Royalty Interest (ORRIS) by Multiple Assignors is a legal document used in the oil, gas, and mineral industry to transfer ownership of the overriding royalty interest in a property from several assignors to one assignee. This assignment enables the assignee to collect a percentage of the revenue generated from the production of oil, gas, or minerals from the specific property. Let's delve into the different types of North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors: 1. Voluntary Assignment of Overriding Royalty Interest: A voluntary assignment occurs when a group of assignors, who hold overriding royalty interests in a property, mutually agree to assign their interests to a single assignee. This assignment is initiated willingly by the assignors without any external pressure. The document executed for this purpose outlines the specifics of the assignment, including the assignor's names, their respective overriding royalty interests, legal property descriptions, and the assignment percentage for each assignor. 2. Involuntary Assignment of Overriding Royalty Interest: An involuntary assignment of overriding royalty interest in North Carolina occurs when the assignors are compelled to transfer their interests to a single assignee due to legal requirements or contractual obligations. This type of assignment can be triggered by various scenarios, such as a court order, lien enforcement, or foreclosure action. The document detailing the involuntary assignment includes the names of assignors, their ownership interests, legal property descriptions, and the grounds on which the involuntary assignment is being made. 3. Assignment of Overriding Royalty Interest in Multiple Assignors in Estates: In estates, when there are multiple heirs or beneficiaries entitled to overriding royalty interests, an assignment may take place to consolidate the interests under one assignee. This type of assignment is often necessitated to streamline the administration of the estate and resolve potential disputes. The assignment document lists the assignors, their respective interests, relevant legal descriptions, the percentage assigned by each heir or beneficiary, and any additional agreements related to the estate assignment. 4. Partial Assignment of Overriding Royalty Interest: In certain cases, assignors may opt to assign only a portion of their overriding royalty interest instead of their entire interest. This partial assignment occurs when the assignors wish to retain partial ownership, diversify their investments, or allocate interests to different assignees. The document reflects the names of assignors, the specific percentage or fraction of their overriding royalty interest being assigned, and the relevant property details. Conclusion: The North Carolina Assignment of Overriding Royalty Interest in Multiple Assignors encompasses various types of assignments, including voluntary and involuntary assignments, estate assignments, and partial assignments. Each type serves distinct purposes and involves documenting key information such as assignor details, overriding royalty interest percentages, legal property descriptions, and any additional terms or conditions. Understanding these different types of assignments enables interested parties to navigate the complex world of overriding royalty interests in North Carolina.
