Texas Ratification of Royalty Commingling Agreement
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How to fill out Ratification Of Royalty Commingling Agreement?
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FAQ
Under Texas law, there is a rule of non-apportionment. It sets out that when the property is subdivided after the lease is already in place on the tract, the royalties are not apportioned but given to the royalty interest owner on whose property the well physically sits. Delay rentals however are apportioned.
The elements of ratification are: (1) approval by act, word, or conduct; (2) with full knowledge of the facts of the earlier act, and (3) with the intention of giving validity to the earlier act. Sandi Samms v.
(I) interest shall accrue on all delinquent royalties at the rate of 12% per year (simple interest) pursuant to the Texas Natural Resources Code, §52.131(g);
The royalty clause defines how much money the landowner will receive, in addition to an initial bonus payment per acre. In Texas, leases on oil are usually compensated by a share in the oil produced at the well. Leases on natural gas is a share of the amount received for the sale of the gas.
In such a circumstance, the Payor may elect to file what is known as an Interpleader action to determine the proper owner (or might be encouraged to do so). In an Interpleader, the stakeholder sues the parties who are asserting conflicting claims to the royalties due and deposits the royalties into the court.
Under Texas law, the statute of limitations for royalty payments is four years. So a royalty owner who is underpaid must file suit to recover royalties owed within four years from the date the royalty is due.
