A New York Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that allows for the partial release of a lien placed on an assigned overriding royalty interest in New York. This type of lien release typically occurs when a property owner grants an overriding royalty interest to a third party, and a lien is placed on that interest as security for a debt or obligation. The New York partial release enables the release of a portion of the assigned overriding royalty interest from the lien, while still maintaining the lien on the remaining interest. This can be done in various scenarios, such as when a borrower makes partial payments towards the debt or obligates the release of specific portions of the interest. Keywords: New York, partial release, lien, assigned, overriding royalty interest, legal document, property owner, third party, security, debt, obligation, borrower, payments, portion, interest. Different types of New York Partial Release of Lien on Assigned Overriding Royalty Interest may include: 1. Partial Release of Lien on Assigned Overriding Royalty Interest for Debt Repayment: This type of release occurs when a borrower pays off a specific portion of the debt secured by the overriding royalty interest, and the lien is partially released accordingly. 2. Partial Release of Lien on Assigned Overriding Royalty Interest for Property Transfer: In some cases, a property owner might transfer a portion of their overriding royalty interest to another party. In such instances, a partial release of lien is necessary to release the assigned interest from the lien while still maintaining lien rights on the remaining interest. 3. Partial Release of Lien on Assigned Overriding Royalty Interest for Specific Obligations: When specific obligations or conditions are met, such as fulfilling performance requirements, a partial release of lien can be executed for the assigned overriding royalty interest. 4. Partial Release of Lien on Assigned Overriding Royalty Interest for Installment Payments: In situations where the debt secured by the interest is being repaid in installments, a partial release of lien can be performed as each payment is made, progressively releasing assigned portions of the interest. These different types of partial releases provide flexibility and potential benefits to both the debtor and the lien holder, allowing for the effective management and optimization of assigned overriding royalty interests in New York.
New York Partial Release of Lien on Assigned Overriding Royalty Interest
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FAQ
Overriding royalty interest: Unlike mineral and royalty interests, an overriding royalty interest runs with a lease and not with the land. Therefore, they only remain in effect for as long as a lease is in effect and they expire when a lease expires.
An overriding royalty interest (ORRI) is an interest carved out of a working interest. It is: A percentage of gross production that is not charged with any expenses of exploring, developing, producing, and operating a well.
A gross overriding royalty entitles the owner to a share of the market price of the mined product as at the time they are available to be taken less any costs incurred by the operator to bring the product to the point of sale.
An ORRI is a fractional, undivided interest with the right to participate or receive proceeds from the sale of oil and/or gas. It is not an interest in the minerals, but an interest in the proceeds or revenue from the oil & gas minerals sold.
Calculating Overriding Royalty Interest An ORRI is a straight percentage. For example, a 2% override would appear on the royalty statement as 0.02 interest in the proceeds from the sale of the leased hydrocarbons.
