This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
District of Columbia Reservation of A Call on, Or Preferential Right to Purchase Production by Lessor
Category:
State:
Multi-State
Control #:
US-OG-820
Format:
Word;
Rich Text
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How to fill out Reservation Of A Call On, Or Preferential Right To Purchase Production By Lessor?
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FAQ
UCC, Article 2, Section 2-102 states that Article 2 applies only to goods transactions. The UCC definition of goods is set out in Article 2, section 2-105 as "all things ... which are movable ... other than money ... investment securities, and things in action.
(1) Subject to the provisions of Section 2A-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unitor units and reject the rest of the goods.
Goods include all items that can be both identifiable and moveable at the time of the sale. Article 2 does not cover transactions involving service contracts. In addition, the sale of real estate is not covered by Article 2, but rather by Article 9 of the Uniform Commercial Code.
Uniform Commercial Code Article 3 governs negotiable instruments: drafts (including checks) and notes representing a promise to pay a sum of money, and that have independent value because they are negotiable.
(d) "Seller" means a person who sells or contracts to sell goods.
Article 2 applies to transactions for goods, which ?means all things ? which are movable at the time of identification to the contract for sale other than the money in which the price is to be paid, investment securities . . . things in action ?
Uniform Commercial Code Article 2 governs the sale of goods. It was part of the original Uniform Commercial Code approved in 1951. Article 2 represented a revision and modernization of the Uniform Sales Act, which was originally approved by the National Conference of Commissioners on Uniform State Laws in 1906.
Section 3-603 - Payment or Satisfaction (1) The liability of any party is discharged to the extent of his payment or satisfaction to the holder even though it is made with knowledge of a claim of another person to the instrument unless prior to such payment or satisfaction the person making the claim either supplies ...
