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.
Washington Assignment of A Reversionary Working Interest
Category:
State:
Multi-State
Control #:
US-OG-297
Format:
Word;
Rich Text
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How to fill out Assignment Of A Reversionary Working Interest?
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FAQ
Definition of Reversionary Working interest A revenue sharing arrangement where the general partner shares none of the cost and receives none of the revenue until the limited partners have received their payments back, plus any predetermined amount of return.
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.
What does Reversionary interest mean? A beneficial interest that returns or 'reverts' back to the settlor of a trust on the occurrence of a specified event, or a future (contingent or vested) interest in a trust.
Reversion and remainder are both types of future interests for a property. Reversion is when the original grantor of the original conveyance retains the right to future possession of the property. Remainder is when that future interest is transferred to someone other than the original grantor.
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.
The lessee of an oil or gas lease can assign the entire lease or part of it. In other words, the lessee can sell or transfer part of the estate or the entire estate to which they have the working rights. The assignee is assigned the working interest and lease obligations, including override royalty.
