A Kentucky Partial Release of Lien on Assigned Overriding Royalty Interest refers to a legal document or agreement that grants a partial release of a lien on a specific assigned overriding royalty interest (ORRIS) in the state of Kentucky. This partial release allows a party to release a portion of the lien on the assigned ORRIS, which may have been previously encumbered by a lien or claim. The Kentucky Partial Release of Lien on Assigned Overriding Royalty Interest is typically executed between the party holding the lien (the "Lien holder") and the party seeking the release (the "Assignor" or "ORRIS Owner"). It is important to note that there can be various types of Kentucky Partial Release of Lien on Assigned Overriding Royalty Interest, each catering to specific circumstances and requirements. Some of these types include: 1. Specific Assignment Partial Release: This type of release is utilized when a party wishes to release a specific assigned ORRIS from a previous lien. It offers the Assignor the ability to release only a portion of the assigned ORRIS while maintaining the lien on the remaining portion. 2. Proportional Partial Release: In cases where the assigned ORRIS is encumbered by multiple liens or claims, a proportional partial release can be sought. This type of release proportionately distributes the release of each lien or claim based on their respective obligations and priorities. 3. Temporal Partial Release: This type of release is used when a party wants to release the lien on the assigned ORRIS for a specific period, often to fulfill contractual or financial obligations. It allows the Assignor to regain control and ownership of the assigned ORRIS after the specified time. 4. Conditional Partial Release: This type of release is contingent upon certain conditions being met by the Assignor, such as the payment of a designated amount or the performance of specific actions. Once the outlined conditions are satisfied, the lien holder releases the assigned ORRIS from the lien. Keywords: Kentucky, Partial Release, Lien, Assigned, Overriding Royalty Interest, ORRIS, legal document, agreement, encumbered, specific circumstances, types, Specific Assignment Partial Release, Proportional Partial Release, Temporal Partial Release, Conditional Partial Release.
Kentucky Partial Release of Lien on Assigned Overriding Royalty Interest
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How to fill out Partial Release Of Lien On Assigned Overriding Royalty Interest?
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