California Mineral Owner's Subordination (of Rights to Make Use of Surface Estate)
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FAQ
In many states, the owners of the land are not necessarily the owners of the minerals. When the surface and subsurface (mineral) estates are owned by different parties, they are referred to as split estate or severed estate lands.
The federal law governing locatable minerals is the Mining Law of 1872 (), which declared all valuable mineral deposits in land belonging to the United States to be free and open to exploration and purchase.
Example of a Subordination Agreement A standard subordination agreement covers property owners that take a second mortgage against a property. One loan becomes the subordinated debt, and the other becomes (or remains) the senior debt. Senior debt has higher claim priority than junior debt.
Subordination agreements are used to legally establish the order in which debts are to be repaid in the event of a foreclosure or bankruptcy. In return for the agreement, the lender with the subordinated debt will be compensated in some manner for the additional risk.
To find out if you own the mineral rights to your land you can go to the county clerk's office in your town and they can help you find the historical land ownership records. You'll need to locate the deed for your property.
A subordination agreement establishes one debt as ranking behind another in priority for collecting repayment should a debtor default. Considered to be a type of subordinated debt, junior debt has a lower priority for repayment than other debt claims in the case of default.
Subordination Agreements ? Oil and Gas Leasing This arrangement allows the oil and gas company to continue producing from their wells without interruption and the mortgage company to keep receiving payments, even if the landowner defaults on the mortgage.
A subordination agreement is one where the lending party agrees to assign the pre-existing lien a lower priority to a subsequent oil and gas lease. As a result, it is as if the lease had been executed and recorded prior to the lien.