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.
A Tennessee Assignment of A Diversionary Working Interest is a legal document that transfers the rights to a diversionary working interest from one party to another in the state of Tennessee. This document is commonly used in the field of oil and gas exploration and production. A diversionary working interest refers to the ownership interest in an oil or gas lease that reverts to the assignor after a specific event or period of time. The assignor, also known as the granter, is the party who currently owns the diversionary interest, while the assignee is the party who is acquiring the interest. There are different types of Tennessee Assignment of A Diversionary Working Interest, depending on the specific circumstances and terms of the transfer. Some commonly known types include: 1. Absolute Assignment: This type of assignment transfers the entire diversionary working interest to the assignee without any conditions or limitations. The assignee becomes the new owner of the interest and assumes all associated rights and responsibilities. 2. Partial Assignment: In a partial assignment, only a portion of the diversionary working interest is transferred to the assignee. This type of assignment is often seen when multiple parties hold interests in the same lease, and one party wishes to assign a part of their interest to another. 3. Temporary Assignment: A temporary assignment is made for a specific period of time or until a certain condition is met. The diversionary working interest reverts to the assignor after the specified period or condition is fulfilled. 4. Conditional Assignment: In a conditional assignment, the transfer of the diversionary working interest is dependent on certain conditions being met. For example, the assignment may be effective only if certain production milestones are achieved or if specific lease obligations are fulfilled. Regardless of the type, a Tennessee Assignment of A Diversionary Working Interest typically includes important details such as the names and contact information of the assignor and assignee, a clear description of the diversionary working interest being transferred, any conditions or limitations attached to the assignment, and the effective date of the transfer. It is essential to consult with an experienced attorney or legal professional when dealing with a Tennessee Assignment of A Diversionary Working Interest to ensure all legal requirements are met and to protect the rights and interests of all parties involved.
