A Suffolk New York Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that releases a portion of a lien placed on an assigned overriding royalty interest (ORRIS) in Suffolk County, New York. An ORRIS is a type of interest that entitles its holder to a share of the production revenues generated from an oil or gas lease. In situations where an ORRIS holder has taken out a loan or incurred a debt, they may use their interest as collateral, resulting in a lien. However, if the ORRIS holder wishes to release a portion of their interest from this lien, they can execute a Suffolk New York Partial Release of Lien on Assigned Overriding Royalty Interest. This document serves to release the lien on a specific portion of the ORRIS, thereby giving the ORRIS holder more flexibility or the ability to secure new financing. There can be different types of Suffolk New York Partial Release of Lien on Assigned Overriding Royalty Interest, including: 1. Partial Release by Percentage: This type of release specifies the percentage or fraction of the ORRIS that is being released from the lien. For example, if someone held a 5% ORRIS and wanted to release 2% of it, they would execute a Partial Release by Percentage for the 2% portion. 2. Partial Release by Acreage: In cases where the ORRIS covers multiple tracts of land, the release may be based on the designated acreage. This type of release specifies the specific tracts or parcels that are being released from the lien, making it easier to identify the affected areas. 3. Partial Release by Time Period: This type of release imposes a time limit on the release's effectiveness. It specifies the duration for which the lien release is valid. For example, a Partial Release by Time Period might state that the lien is released for a period of five years, after which the lien will be reinstated automatically unless another release is executed. It is important to consult with legal professionals or experts who specialize in oil and gas law when dealing with a Suffolk New York Partial Release of Lien on Assigned Overriding Royalty Interest. They can provide guidance and ensure that the document is prepared correctly, addressing all necessary details and considering the interests of the parties involved.
A Suffolk New York Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document that releases a portion of a lien placed on an assigned overriding royalty interest (ORRIS) in Suffolk County, New York. An ORRIS is a type of interest that entitles its holder to a share of the production revenues generated from an oil or gas lease. In situations where an ORRIS holder has taken out a loan or incurred a debt, they may use their interest as collateral, resulting in a lien. However, if the ORRIS holder wishes to release a portion of their interest from this lien, they can execute a Suffolk New York Partial Release of Lien on Assigned Overriding Royalty Interest. This document serves to release the lien on a specific portion of the ORRIS, thereby giving the ORRIS holder more flexibility or the ability to secure new financing. There can be different types of Suffolk New York Partial Release of Lien on Assigned Overriding Royalty Interest, including: 1. Partial Release by Percentage: This type of release specifies the percentage or fraction of the ORRIS that is being released from the lien. For example, if someone held a 5% ORRIS and wanted to release 2% of it, they would execute a Partial Release by Percentage for the 2% portion. 2. Partial Release by Acreage: In cases where the ORRIS covers multiple tracts of land, the release may be based on the designated acreage. This type of release specifies the specific tracts or parcels that are being released from the lien, making it easier to identify the affected areas. 3. Partial Release by Time Period: This type of release imposes a time limit on the release's effectiveness. It specifies the duration for which the lien release is valid. For example, a Partial Release by Time Period might state that the lien is released for a period of five years, after which the lien will be reinstated automatically unless another release is executed. It is important to consult with legal professionals or experts who specialize in oil and gas law when dealing with a Suffolk New York Partial Release of Lien on Assigned Overriding Royalty Interest. They can provide guidance and ensure that the document is prepared correctly, addressing all necessary details and considering the interests of the parties involved.
