Iowa Durable Power of Attorney to Execute Oil and Gas Lease

State:
Multi-State
Control #:
US-OG-019
Format:
Word; 
Rich Text
Instant download

Description

This power of attorney grants an agent the authority to execute oil and gas leases on behalf of a mineral owner. The power of attorney is durable and will not terminate on the disability or incapacity of the person granting the power of attorney.

How to fill out Durable Power Of Attorney To Execute Oil And Gas Lease?

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FAQ

A power of attorney must be acknowledged before a notary public or other individual authorized by law to take acknowledgments. An agent named in the power of attorney shall not notarize the principal's signature. An acknowledged signature on a power of attorney is presumed to be genuine.

An Iowa limited power of attorney form is used to appoint a representative to make certain decisions on the principal's behalf. The scope of the power of the attorney must be defined by the principal on the form. Most commonly this contract becomes void at a particular date or when the specific activity is complete.

With a non-durable POA, your agent's authority ends as soon as you become incapacitated. If you have a durable POA, your agent can continue to make decisions for you even after you become unable to make them yourself.

An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.

A power of attorney must be acknowledged before a notary public or other individual authorized by law to take acknowledgments. An agent named in the power of attorney shall not notarize the principal's signature. An acknowledged signature on a power of attorney is presumed to be genuine.

An Iowa durable statutory power of attorney form is used when a person wants someone to have the ability and authority to handle their financial affairs. A durable power of attorney can also be used if a person anticipates being away or incapable of handling their financial matters in the near future.

The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.

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Iowa Durable Power of Attorney to Execute Oil and Gas Lease