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 ).
The Wisconsin Assignment of Overriding Royalty Interest in Multiple Assignors refers to a legal document that allows multiple parties to assign their overriding royalty interest (ORRIS) in an oil, gas, or mineral property located in Wisconsin. An ORRIS is a non-operating interest in the production of minerals or hydrocarbons, entitling the owner to a percentage of the value generated from the property's production. In Wisconsin, there are several types of Assignment of Overriding Royalty Interest in Multiple Assignors, each serving specific purposes. These types include: 1. Absolute Assignment: This type of assignment transfers the entire ORRIS from multiple assignors to a single assignee, leaving no interest or further claims on the property. The assignee becomes the sole owner of the ORRIS and will receive the specified percentage of revenue generated from the property. 2. Partial Assignment: In a partial assignment, multiple assignors transfer a portion of their ORRIS to an assignee. The assigned percentage of the ORRIS will entitle the assignee to a proportionate share of the revenue derived from the property's production. 3. Undivided Assignment: An undivided assignment allows multiple assignors to collectively assign their ORRIS to an assignee without dividing it into specific portions. The assignee becomes a co-owner of the ORRIS along with the multiple assignors, and the revenue generated will be shared according to the agreed-upon distribution. 4. Time-Limited Assignment: This type of assignment stipulates a specific duration or time period during which the assignee will hold the assigned ORRIS. After the expiration of the assigned time frame, the assignor(s) may regain ownership of their ORRIS, unless otherwise stated in the agreement. 5. Revocable Assignment: A revocable assignment grants the assignor(s) the right to revoke the assigned ORRIS at a later date. This type of assignment provides flexibility for the assignor(s) to reclaim their ORRIS under certain circumstances specified in the agreement. When drafting or reviewing a Wisconsin Assignment of Overriding Royalty Interest in Multiple Assignors, it is crucial to include all relevant information such as the names and addresses of the assignors and assignee, a clear description of the property, the percentage of the ORRIS being assigned, any limitations or exceptions, the consideration or compensation for the assignment, and the effective date of the assignment. Working with a qualified attorney experienced in oil, gas, and mineral laws is advisable to ensure compliance with Wisconsin regulations and to protect the rights and interests of all parties involved.
The Wisconsin Assignment of Overriding Royalty Interest in Multiple Assignors refers to a legal document that allows multiple parties to assign their overriding royalty interest (ORRIS) in an oil, gas, or mineral property located in Wisconsin. An ORRIS is a non-operating interest in the production of minerals or hydrocarbons, entitling the owner to a percentage of the value generated from the property's production. In Wisconsin, there are several types of Assignment of Overriding Royalty Interest in Multiple Assignors, each serving specific purposes. These types include: 1. Absolute Assignment: This type of assignment transfers the entire ORRIS from multiple assignors to a single assignee, leaving no interest or further claims on the property. The assignee becomes the sole owner of the ORRIS and will receive the specified percentage of revenue generated from the property. 2. Partial Assignment: In a partial assignment, multiple assignors transfer a portion of their ORRIS to an assignee. The assigned percentage of the ORRIS will entitle the assignee to a proportionate share of the revenue derived from the property's production. 3. Undivided Assignment: An undivided assignment allows multiple assignors to collectively assign their ORRIS to an assignee without dividing it into specific portions. The assignee becomes a co-owner of the ORRIS along with the multiple assignors, and the revenue generated will be shared according to the agreed-upon distribution. 4. Time-Limited Assignment: This type of assignment stipulates a specific duration or time period during which the assignee will hold the assigned ORRIS. After the expiration of the assigned time frame, the assignor(s) may regain ownership of their ORRIS, unless otherwise stated in the agreement. 5. Revocable Assignment: A revocable assignment grants the assignor(s) the right to revoke the assigned ORRIS at a later date. This type of assignment provides flexibility for the assignor(s) to reclaim their ORRIS under certain circumstances specified in the agreement. When drafting or reviewing a Wisconsin Assignment of Overriding Royalty Interest in Multiple Assignors, it is crucial to include all relevant information such as the names and addresses of the assignors and assignee, a clear description of the property, the percentage of the ORRIS being assigned, any limitations or exceptions, the consideration or compensation for the assignment, and the effective date of the assignment. Working with a qualified attorney experienced in oil, gas, and mineral laws is advisable to ensure compliance with Wisconsin regulations and to protect the rights and interests of all parties involved.
