This form is used when the Lessor is the owner of an undivided interest in and to the oil, gas, and other minerals, subject to a Lease designates another bank, its successors or assigns, instead of the depository bank named in the Lease or in any other agreement prior to this Agreement, as the Depository for any rentals and shut-in gas well royalties payable under the terms of the Lease.
A San Angelo Texas Change of Depository Agreement refers to a legal document that outlines the process of transferring funds from one depository institution to another in San Angelo, Texas. This agreement is typically established between two financial institutions and can involve various types, depending on the specific requirements of the involved parties. One type of San Angelo Texas Change of Depository Agreement is the Interinstitutional Transfer Agreement. This agreement allows the transfer of funds between two financial institutions, such as banks or credit unions, located in San Angelo, Texas. The Interinstitutional Transfer Agreement ensures a smooth and secure transition of deposited funds from one depository institution to another. Another type is the Automated Clearing House (ACH) Change of Depository Agreement. This agreement enables the transfer of funds electronically via the ACH network. ACH transactions allow for efficient and convenient transfers, making it a popular choice for individuals and businesses when changing depository institutions in San Angelo, Texas. A Wire Transfer Change of Depository Agreement is yet another type of agreement commonly seen in San Angelo, Texas. Wire transfers involve the electronic transfer of funds from one financial institution to another, typically with a higher transaction speed and associated fees. This agreement governs the process of switching depository institutions using wire transfers and ensures a seamless switch for the depositor. When drafting a San Angelo Texas Change of Depository Agreement, several essential elements are often included. These may consist of the names and contact details of the involved parties, a detailed description of the funds to be transferred, any applicable fees or charges, the effective date of the agreement, and the terms and conditions for the transfer. Additionally, it's crucial to mention the rights and responsibilities of both the sending and receiving depository institutions, as well as any specific requirements or obligations they need to fulfill during the transfer process. The agreement may also include provisions for dispute resolution, termination, and potential penalties for non-compliance. Overall, a San Angelo Texas Change of Depository Agreement facilitates the seamless transfer of funds from one depository institution to another, protecting the rights and interests of both the depositor and the financial institutions involved. Whether it is an Interinstitutional Transfer Agreement, an ACH Change of Depository Agreement, or a Wire Transfer Change of Depository Agreement, these types of agreements play a vital role in maintaining a secure and efficient financial system in San Angelo, Texas.
