Kentucky Mineral Deed with Grantor Reserving Executive Rights in the Interest Conveyed - Transfer
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FAQ
A royalty deed gives its holder the right to receive a percentage of the profits from the sale of the minerals, if and when they are actually produced. This kind of legal document does not convey all of the mineral rights to the holder, only the right to receive royalties.
In general terms, the executive right holder is the party who has the right to take or authorize actions which affect the exploration and development of the mineral estate, including the right to execute oil and gas leases. Non-executive mineral interest owners do not have the power to lease the minerals.
A mineral deed is just like a warranty deed, accept it only transfers the minerals in the sub surface of a property. A warranty deed can be used transfer both the surface, and mineral rights. But a mineral deed can only be used to transfer the minerals.
2d 878 (1940). The Duhig rule essentially states that, if both a grant and a reservation in a warranty deed cannot be given effect, then the reservation fails.
Mineral rights in Texas are the rights to mineral deposits that exist under the surface of a parcel of property. This right normally belongs to the owner of the surface estate; however, in Texas those rights can be transferred through sale or lease to a second party.
Working Interest: The operating interest under an oil and gas lease. The owner of the working interest has the exclusive right to exploit the minerals on the land. This is only the right to expend money, NOT the right to recoup revenues.
Oklahoma ? Generally follows Duhig if a ?Warranty Deed reserves a specific interest without acknowledging prior reservations, then the grantee is made whole at the grantor's expense?. However, if there is mutual mistake, then equity allows reformation of the deed.
The general rule is that when full effect cannot be given to both the granted interest and to a reserved interest, the courts will give priority to the granted interest, rather than to the reserved interest, until the granted interest if fully satisfied.
