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".
A Tennessee Notice of Payout by Party Entitled to Diversionary Interest is a legal document that serves as a notification to interested parties regarding a forthcoming distribution of funds or assets held in a diversionary interest. This notice is usually issued by the party entitled to the diversionary interest, informing beneficiaries, potential legal claimants, and other relevant parties about the impending payout. Keywords: Tennessee, Notice of Payout, Party Entitled to Diversionary Interest, legal document, distribution of funds, assets, beneficiaries, potential legal claimants, relevant parties. Different types of Tennessee Notices of Payout by Party Entitled to Diversionary Interest may include: 1. "Tennessee Notice of Payout by Party Entitled to Diversionary Interest — Real Estate": This type of notice is specifically related to the distribution of funds or transfer of assets pertaining to diversionary interests in real estate properties located within the state of Tennessee. It follows the same general template as the standard notice but emphasizes the nature of the assets involved. 2. "Tennessee Notice of Payout by Party Entitled to Diversionary Interest — Financial Investments": This variation of the notice is applicable when the diversionary interest concerns financial investments such as stocks, bonds, or trust funds. The notice provides details about the impending payout from these investment instruments and any additional requirements or instructions for the beneficiaries. 3. "Tennessee Notice of Payout by Party Entitled to Diversionary Interest — Estate Planning": In situations where a diversionary interest is tied to an estate plan, this type of notice is employed. It not only informs the relevant parties about the forthcoming distribution but also highlights any specific conditions or legal requirements related to the diversionary interest in the context of estate planning or probate matters. Regardless of the specific type of Tennessee Notice of Payout by Party Entitled to Diversionary Interest, this legal document serves as an important communication tool to safeguard the rights and entitlements of beneficiaries and notify any potential claimants or interested parties about the impending distribution.
