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Similar to the statute at issue in Texaco, sub. (3) provides that a mineral rights owner's interest lapses if not used for 20 years and sets forth a grace period during which owners who did not use their mineral rights during the previous twenty years could take action to prevent those rights from lapsing.
The value of mineral rights per acre differs from state to state. Typically, the price ranges from $100 to $5,000 per acre in several states. In Texas, the average price per acre for non-producing mineral rights is usually between $0 and $250 per acre, as a general guideline.
Under this section, the owner of land under which mineral rights have lapsed must record a claim to the lapsed mineral rights in order to foreclose a separate mineral rights owner from curing the lapse.
Wisconsin is known for industrial sand and gravel, and produces construction sand and gravel, crushed stone (mostly limestone and dolomite), dimension stone, gemstones, lime, and peat.
Also, the State owns 25 million acres of Great Lakes bottomlands. Under the provisions of P. A. 451 of 1994, Part 5, Section 502, the NRC and Director of the Department of Natural Resources (DNR) are responsible for managing these lands and mineral resources to ensure protection and enhancement of the public trust.
A quick overview of the differences between mineral rights and royalty interests shows a mineral interest is a real property interest obtained by severing the minerals from the surface and a royalty interest grants an owner a portion of the production revenue generated.
In six states (Louisiana, Michigan, North Carolina, Ohio, Texas, and Wisconsin), sellers are required to disclose mineral rights separation; Florida and Colorado are currently considering legislation requiring disclosure. If you're in any other state, however, a little detective work is required.
A quitclaim deed conveys to the new owner?the deed's grantee?whatever interest the current owner holds when signing the deed. As quitclaim deeds provide no warranty, the current owner?the deed's grantor?makes no representations as to the quantity or quality?or even the existence?of the transferred interest.