This form is used when the Assignor sells, assigns, and conveys to Assignee, an undivided percentage of all of Assignor's rights, title, and interests in his Oil and Gas Leases. By this Assignment, Assignor also sells, assigns, and conveys to Assignee a like undivided interest in all equipment, personal property, and fixtures located on the lands covered by the Leases.
Tennessee Assignment and Bill of Sale of Undivided Interest in Multiple Producing Leases - Short Form
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Multi-State
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US-OG-260
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Word;
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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.
The term ?undivided interest? refers to a type of ownership in which multiple parties share ownership of a single asset without the property being physically divided among them. This is commonly seen in real estate, natural resource holdings, and certain types of financial investments.
In an undivided interest arrangement, two or more owners of a working interest share revenues and expenses in ance with their proportional ownership interests. In a divided interest arrangement, the owners of a working interest receive revenue and pay for expenses based on their ownership of specific acreage.
An undivided interest means that two or more persons have an interest in a property held under the same title. The undivided interest encompasses the whole property, and its holders have equal rights to the entire property.
This means they each person owns an undivided one-half interest in the property but there is no automatic right of survivorship. When one co-owner dies the interest of the deceased co-owner goes directly to that person's heir or heirs, either by will or by intestate succession.
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