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.
Nebraska Assignment of A Reversionary Working Interest
Category:
State:
Multi-State
Control #:
US-OG-297
Format:
Word;
Rich Text
Instant download
Description
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.
Hear this out loud PauseA reversion occurs when a granted estate is absolutely vested in the grantor. Example: "O grants Blackacre to A for life." Analysis (O): A is guaranteed to die (eventually), at which point Blackacre returns to O. This future interest is absolutely (indefeasibly) vested in O.
Hear this out loud PauseA reversion is when the media turns from yellow to red due to the breakdown of amino acids which raises the pH. It can only occur in the slant because it needs an aerobic environment for the reaction to occur.
Hear this out loud PauseA reversionary interest is the right to resume ownership of land if and when certain conditions are met. Reversionary interests have been used for centuries to provide a mechanism for change of ownership if certain conditions set forth in a deed are not met.
Hear this out loud PauseA common example of reversion is a leasehold estate, in which the lessee has the right to use and occupy the property for a specified period of time. When the lease term ends, the property reverts to the lessor.
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.
