Ohio Notice of Payout by Party Entitled to Reversionary Interest

State:
Multi-State
Control #:
US-OG-354
Format:
Word; 
Rich Text
Instant download

Description

This form is used when Assignee has recovered certain costs out of Assignee's share of the proceeds of production of oil and gas from producing wells on the Lease, and Assignee's interest in the Lease is reduced. Assignor will be vested with title to an interest in the Lease, the "Reversionary Interest".

How to fill out Notice Of Payout By Party Entitled To Reversionary Interest?

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FAQ

Ohio's Legal Requirements for Adverse Possession hostile (against the right of the true owner and without permission) actual (exercising control over the property) exclusive (in the possession of the trespasser alone) open and notorious (using the property as the real owner would, without hiding their occupancy), and.

Section 5309.89 | Title by prescription or adverse possession. No title to registered real property in derogation of that of the registered owner shall be acquired by prescription or adverse possession.

Section 5303.01 | Action to quiet title. An action may be brought by a person in possession of real property, by himself or tenant, against any person who claims an interest therein adverse to him, for the purpose of determining such adverse interest.

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.

Section 4735.55 | Written agency agreements. (A) Each written agency agreement shall contain all of the following: (1) An expiration date; (2) A statement that it is illegal, pursuant to the Ohio fair housing law, division (H) of section 4112.02 of the Revised Code, and the federal fair housing law, 42 U.S.C.A.

Ohio Revised Code 4735.62 lists the fiduciary duties a licensee owes his seller or buyer client. Ohio Revised Code 4735.621(A) provides that those fiduciary duties may not be waived by a client.

Section 5303.01 | Action to quiet title. An action may be brought by a person in possession of real property, by himself or tenant, against any person who claims an interest therein adverse to him, for the purpose of determining such adverse interest.

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Ohio Notice of Payout by Party Entitled to Reversionary Interest