Arkansas Dissolution of Pooled Unit (By Unit Owners) refers to the process by which a unit owner or group of unit owners in a pooled unit (commonly found in condominiums or housing developments) in Arkansas can dissolve the pooling arrangement. This dissolving of the pooled unit allows the unit owners to have separate ownership and control of their respective units. There are generally two types of Arkansas Dissolution of Pooled Unit (By Unit Owners): 1. Voluntary Dissolution: This occurs when all unit owners in a pooled unit agree to dissolve the pooling arrangement and convert their units into individual ownership. This process requires the consent of all unit owners and typically involves drafting and executing a condominium termination agreement or a similar document to formally dissolve the pooled unit. After the dissolution, each unit owner becomes the sole owner and is responsible for maintaining and managing their respective units. 2. Judicial Dissolution: In some cases, if all unit owners cannot agree to voluntarily dissolve the pooled unit, a unit owner may seek a judicial remedy for dissolution. This occurs when there are disagreements among unit owners, financial difficulties, or other factors that prevent a voluntary dissolution. To initiate a judicial dissolution, a unit owner may have to file a lawsuit and provide evidence to show that dissolution is necessary and in the best interest of the unit owners. The court will make a decision based on the specific circumstances and may order the dissolution of the pooled unit, appoint a receiver to manage the dissolved units, and distribute the proceeds or assets accordingly. In both types of dissolution, it is essential to comply with the Arkansas Condominium Act and any specific provisions outlined in the governing documents of the pooled unit, such as the condominium declaration, bylaws, or regulations. The dissolution process may involve settlement negotiations, obtaining legal advice, and following the necessary steps for transferring ownership and documenting the dissolution. Keywords: Arkansas, Dissolution of Pooled Unit, unit owners, voluntary dissolution, judicial dissolution, condominium termination agreement, individual ownership, pooled unit, separate ownership, condominium declaration, bylaws, regulations, transfer of ownership, legal advice.
Arkansas Dissolution of Pooled Unit (By Unit Owners)
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Participating Royalty Interest (NPRI) is an interest in oil and gas production which is created from the mineral estate. Like the plain ?royalty interest? it is expensefree, bearing no operational costs of production.
A mineral interest is an economic interest in subsurface minerals. This interest gives the owner the right to mine the minerals situated beneath the surface of a property. For the purposes of this definition, minerals are assumed to include hydrocarbons.
A mineral interest is simply a real property interest obtained from the severance or exploitation of minerals ? say natural gas ? from the surface. On the other hand, a royalty interest is the property interest that grants an owner a portion of the production revenue generated.
However, unlike royalty and working interests, an overriding royalty interest cannot be fractionalized unlike royalty and working interests. The ORRI is a non-possessory, undivided right to a share of the oil and gas production, but it excludes the production costs of the mineral lease.
Non-Producing Mineral Rights ? Unleased When an oil and gas company decides they want to drill in an area, they must lease the property. If you are not receiving a royalty check each month and you have not signed a lease agreement, you have non-producing unleased mineral rights.
The rule followed is generally known as the Strohacker Doctrine, named for the case of Missouri Pacific Railroad Co. v. Strohacker,s in which the Arkansas Supreme Court affirmed a chan- cery court decision that reservations of "coal and mineral deposits" in 1892 and 1893 deeds did not reserve the oil and gas.