Started this discussion. Last reply by The_Baron Aug 24, 2009.
Started this discussion. Last reply by The_Baron Aug 24, 2009.
Posted on August 13, 2009 at 1:28 — 2 Comments
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landownerPhillip H said…
landownerking john said…
kj
landownerking john said…
tell them you want all past due royaltys and 30% intrest. when it gets around to it they do have to pay you interest just not as much as you ask. something more like the average rate. the state mineral code declares they must pay you interest for past due monies. in the event you or anyone else you know signs another lease make sure there are provisions in the lease for dealing with late payments and penelty and interest. if in your current lease, there are no provisions for timely payment then there is not much you or an attorney can do but wait and write demand letters. on the very bright side of this issue is you are accruing a savings and it is compiling it self each month. what i mean is you are going to be paid on the interest. COMPOUNDING INTEREST. eventually it starts growing like a snowball going down hill. good luck, i will try to find out more about the length of time this could be allowed to go on in the states mineral code and will let you know if i learn anymore.
kj
landownerking john said…
kj
landownerjames tate said…
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