landowner

Question for a Lawyer or someone in the know

Here's the deal. I own the property with my house on it.
The mineral rights are 50% for me and 50% that the previous owner retained.
My Question is: Do both of us have to be in agreement on the leasing & royalty amount OR does the negotiating power belong to the property owner and the previous owner just gets what benefits you dscide on?
Hope someone has a solid answer.
Thanks

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landownerPermalink Reply by Grice on August 12, 2008 at 6:34
According to Louisiana Code, Title 31, Section 170

"A co-owner of a mineral servitude may create a mineral royalty out of his undivided interest in the servitude and prescription of nonuse commences from the date of its creation. The consent of the co-owner of the party creating the royalty is not necessary to entitle the royalty owner to receive his proportionate part of production."


While I am not an attorney, nor someone "in the know", I hope this helps in your quest for answers.

landownerPermalink Reply by Alan on August 12, 2008 at 8:33
Mr. McConnell,
Excuse my ignorance but what does CPL stand for?

Thanks to all for your replies. I have researched everything presented.

Do you think OC's are willing to only lease half of our 2.5 acres if the mineral co-owner doesn't agree to our terms?

Thanks
Permalink Reply by bullbayou on August 12, 2008 at 13:39
Sure they will. They don't have to lease the other half. It's America, they can do what they want. If the other guy wants to much money for his lease, they can say screw him.

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