A Phoenix Arizona Partial Release of Lien on Assigned Overriding Royalty Interest is a legal document that pertains to the release of a lien placed on an assigned overriding royalty interest in Phoenix, Arizona. This document is typically used in cases where a party has previously placed a lien on an assigned overriding royalty interest and wishes to release a portion of that lien. Keywords: Phoenix Arizona, Partial Release of Lien, Assigned Overriding Royalty Interest, legal document, release, lien. In Phoenix, Arizona, when a lien is placed on an assigned overriding royalty interest, it indicates a claim or encumbrance on the royalty interest for the purpose of securing a debt or obligation. However, in some cases, it may become necessary to release a portion of that lien due to various circumstances. A Partial Release of Lien allows the party who originally placed the lien to release a specific portion of the lien amount while still maintaining the remaining lien amount. This document is crucial in ensuring that the assigned overriding royalty interest can be transferred or used as collateral without being fully encumbered by the lien. In the context of Phoenix, Arizona, there are different types of Partial Release of Lien on Assigned Overriding Royalty Interest that may be encountered. Some common variations include: 1. Partial Release of Lien on Assigned Overriding Royalty Interest for a specific time period: This type of release allows the lien holder to authorize the release of a portion of the lien amount for a specified duration. It provides flexibility while ensuring the remaining lien remains intact. 2. Partial Release of Lien on Assigned Overriding Royalty Interest for a specific amount: This release pertains to the partial release of a specific dollar amount from the total lien. It allows the debtor to address a portion of the debt, while the remaining lien amount stands. 3. Partial Release of Lien on Assigned Overriding Royalty Interest for a specific property: In some cases, the lien may be tied to a particular property or asset. This type of partial release allows for the release of the lien on a specific property while maintaining the lien on other assets or properties. These various types of Partial Release of Lien on Assigned Overriding Royalty Interest in Phoenix, Arizona cater to different scenarios, offering flexibility, and ensuring that both parties' interests are protected. It is essential to consult with legal professionals, such as real estate attorneys or specialized lien experts, to draft and execute a Phoenix Arizona Partial Release of Lien on Assigned Overriding Royalty Interest accurately. They can guide parties through the process and ensure compliance with relevant laws and regulations.
Phoenix Arizona Partial Release of Lien on Assigned Overriding Royalty Interest
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FAQ
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
An overriding royalty interest (ORRI) is an undivided interest in a mineral lease giving the holder the right to a proportional share (receive revenue) of the sale of oil and gas produced. The ORRI is carved out of the working interest or lease.
If you receive more than $600 in a calendar year in overriding royalty interest payments, you will receive a 1099 tax form to claim the money as income during your annual tax filing.
You may convey overriding royalty interest on either an Assignment of Record Title Interest (Form 3000-3), a Transfer of Operating Rights (Form 3000-3a), or on a private assignment. We only require filing of one signed copy per assignment plus a nonrefundable filing fee found at 43 CFR 3000.12.
1. n. Oil and Gas Business Ownership in a percentage of production or production revenues, free of the cost of production, created by the lessee, company and/or working interest owner and paid by the lessee, company and/or working interest owner out of revenue from the well.
An overriding royalty interest (ORRI) is similar to a royalty interest in that it is also a portion of the proceeds from the sale of production. However, it is not retained under the terms of the oil and gas lease. An ORRI is granted, assigned and created under the terms of a separate document.
The Bankruptcy Code defines a production payment as a type of term overriding royalty or an interest in liquid or gaseous hydrocarbons in place or to be produced from particular real property that entitles the owner thereof to a share of production, or the value thereof, for a term limited by time, quantity, or
