This form is used when Assignee has recovered certain costs out of Assignee's share of the proceeds of production of oil and gas from producing wells on the Lease, and Assignee's interest in the Lease is reduced. Assignor will be vested with title to an interest in the Lease, the "Reversionary Interest".
Oakland Michigan Notice of Payout by Party Entitled to Reversionary Interest
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State:
Multi-State
County:
Oakland
Control #:
US-OG-354
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Word;
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How to fill out Oakland Michigan Notice Of Payout By Party Entitled To Reversionary Interest?
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FAQ
Reversionary interest is a condition in a trust where the original owner of a property can claim it back after transferring it to a beneficiary. It is also known as reversion to settlor or revertor to settlor.
The definition of a reversion is a turn around, reversal or return to a prior condition. An example of a reversion is a couple getting married again after being divorced. A return to a former condition, belief, or interest.
Reversion, in Anglo-American law, interest held by a prior owner in property given to another, which, upon the happening of some future event, will return to that prior owner. A reversion is itself specific property, and it can be sold or disposed of as property by the reversion owner.
Reversionary interest in the context of real property or wills and estates means a reservation created in a real property conveyance that the property will revert back to the original owner upon the happening of a certain event.
In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.
Remainder, in Anglo-American law, a future interest held by one person in the property of another, which, upon the happening of a certain event, will become his own. The holder of this interest is known in legal terms as a remainderman.
A right of reversion is a contractual provision that permits authors to work with their publishers to regain some or all of the rights in their books when certain conditions are met.
In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.
The lessor typically retains a reversion interest in the property which will mature after the lease expires. A common example of this transaction is the leasing of an apartment to a tenant for a one-year period.
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Provide recordable notice of the reversion and for complete transfer and reversion of all right, title and interest in the Property or portions thereof. Right of entry (aka power of termination).Hierarchy of Estates: Fee Simpleà Fee Tailà Life Estateà Leasehold Estate; Reversion. 2 Record a Reversion Notice with the Oakland County Register. 16103 PUBLICATION AND DELIVERY OF NOTICE OF PUBLIC HEARING. Example of a Grantee Monitoring Letter to a Subrecipient . Section 8. 3 Notice of Default and Right to Cure. In this proxy statement, as well as in the Notice you received in the mail. 16 ‑, Interest on university fund; use for erection of buildings.
