A Georgia Partial Release of Lien on Assigned Overriding Royalty Interest is a legal document that grants a partial release of a lien on an assigned overriding royalty interest in the state of Georgia. This document is commonly used in the energy and natural resources sector, particularly in the oil and gas industry. Keywords: Georgia, partial release, lien, assigned overriding royalty interest, energy, natural resources, oil and gas industry. There are several types of Georgia Partial Release of Lien on Assigned Overriding Royalty Interest, including: 1. Voluntary Partial Release: This type of release occurs when the lien holder willingly releases a portion of the assigned overriding royalty interest from the lien. It usually happens when a specific portion of the property or a particular project is paid off or settled. 2. Court-Ordered Partial Release: In certain cases, a court may order a partial release of the lien on the assigned overriding royalty interest. This usually happens when there is a dispute or legal proceedings regarding the lien, and the court determines that a partial release is appropriate. 3. Partial Release for Subordination: Sometimes, a lien holder may agree to a partial release of the assigned overriding royalty interest to allow another party to secure a higher priority lien. This type of release is known as a subordination, where the initial lien remains in place but takes a lower priority position. 4. Partial Release upon Payment: When a debtor makes partial payments towards the assigned overriding royalty interest, the lien holder may choose to release a portion of the lien. This type of partial release shows the progress made by the debtor in fulfilling their financial obligations. 5. Partial Release for Re conveyance: In some cases, the assigned overriding royalty interest may serve as collateral for a loan. Once the borrower fulfills a specific set of conditions or pays off a specific amount, the lien holder can grant a partial release for reconveyance of the assigned overriding royalty interest. It is crucial to consult a legal professional while dealing with any type of Georgia Partial Release of Lien on Assigned Overriding Royalty Interest to ensure compliance with local laws and regulations and to protect the rights and interests of all parties involved.
Georgia Partial Release of Lien on Assigned Overriding Royalty Interest
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FAQ
Judgment Lien The lien holder is able to re-record the judgment every seven years to keep it enforceable; however, if the lien holder fails to re-record the lien within the seven year period, he or she has only three years after that expiration date to re-record it.
Claim of Lien In Georgia, if payment has not been received for labor, materials or services, a lien claimant must file his Claim of Lien within three months (not 90 days) from the time the last materials, labor or services were delivered or supplied to the project, or its lien rights are deemed forever abandoned.
The lien release must be filed with the county recorder to cancel the previously filed lien instrument. The lien release is different than a lien waiver because it discharges an already filed lien, while a waiver surrenders the right to file one in the first place.
A lien release, is a legal document that releases a lien filed against a property, vehicle, or another asset. The filing of liens is a form of collateral for debts owed to another party.
Get a Final Affidavit of Payment When you make your final payment to the contractor, you can have him sign an Affidavit of Payment, stating that he has paid everyone on the job. This will give you a defense to anyone who later files a lien, and will essentially wipe out the lien.
