This form is used when an Assignor was granted the right to receive, at payout, a certain reversionary working interest in the Lease. Payout has not occurred, and Assignor is vested with beneficial ownership of the Interest in the Leases and Lands. The purpose of this Assignment and the intention of Assignor is to assign to Assignee, the Interest.
Massachusetts Assignment of A Reversionary Working Interest
Category:
State:
Multi-State
Control #:
US-OG-297
Format:
Word;
Rich Text
Instant download
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How to fill out Assignment Of A Reversionary Working Interest?
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FAQ
In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.
What does Reversionary interest mean? A beneficial interest that returns or 'reverts' back to the settlor of a trust on the occurrence of a specified event, or a future (contingent or vested) interest in a trust.
In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary's interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy's death the cottage is to revert back to Bob.
Definition of Reversionary Working interest A revenue sharing arrangement where the general partner shares none of the cost and receives none of the revenue until the limited partners have received their payments back, plus any predetermined amount of return.
