Free preview Stipulation of Ownership of Mineral Interest in Specific Lands
Free preview
Stipulation of Ownership of Mineral Interest in Specific Lands
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Since mineral rights can be sold separately from the land itself, even if you own the land, someone else may hold ownership of what's below it. And because of the intrinsic value of what's below the surface, the land itself may come with a price tag much higher than otherwise seen in the area.
Washington has a ?dormant mineral? statute (RCW 78.22, et seq.) that allows the surface owner to attempt to terminate unused mineral rights after 20 years of nonuse.
Mineral rights can expire if the owner does not renew them or if they go unclaimed for a certain period of time. Mineral rights can also be sold, fractionalized, or transferred through gifting or inheritance.
3) Indiana Mineral Lapse Act ? Termination of Unused Estates Under the Act, mineral interests are automatically terminated if they go unused by the owner for a period of 20 years, although the owner can save its interest from terminating by filing a statement of claim to the interest with the county recorder.
Washington has a ?dormant mineral? statute (RCW 78.22, et seq.) that allows the surface owner to attempt to terminate unused mineral rights after 20 years of nonuse.
The Indiana Dormant Mineral Interest Act" was passed by the Indiana Legislature in 1971. The Act provides that severed mineral interests would automatically revert to the current surface owner of the land unless one of the following conditions was met: 1. Sufficient "use" of the mineral interest by the owner.
In the United States, landowners possess both surface and mineral rights unless they choose to sell the mineral rights to someone else. Once mineral rights have been sold, the original owner retains only the rights to the land surface, while the second party may exploit the underground resources in any way they choose.
In Texas, Oklahoma, Colorado and Montana, mineral owners can own the mineral rights indefinitely and there is no way for them to passively revert to the surface owner. If a surface owner wants to own the mineral rights under their land, they must find and contact the mineral owners and offer to purchase them.