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Foreclosure, No bank subrogation, now an UMI
6 Replies

Foreclosure on Louisiana building with leased minerals, no bank subrogation (bank didn’t sign off on oil and gas lease). I purchased the minerals from the bank, so I now have an unleased mineral…Continue

Started this discussion. Last reply by Dion Warr, CPL Oct 24.

 

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Dion Warr, CPL replied to Ron Hance's discussion Foreclosure, No bank subrogation, now an UMI
"Bobi: if the prior owner brought action for lack of Mennonite notice, you would have a possible means for attack on the foreclosure action and to seek constitutional relief, as you state.  To the best of my (non-lawyerly) knowledge, the…"
Oct 24
Dion Warr, CPL replied to Ron Hance's discussion Foreclosure, No bank subrogation, now an UMI
"Ron: It’s a calculation for the Lessee as well.  In a probable non-payout situation, there would be little economic benefit in making a lease offer.  However, if it is posited that new development (using newer drilling and completion…"
Oct 23
Bobi Carr ("parker") replied to Ron Hance's discussion Foreclosure, No bank subrogation, now an UMI
"Dion, Wouldn't he need to check to see if the Lessor or holder of the OGML received Menonite notice of the Foreclosure sale.  If not, wouldn't the title obtained by the Mortgage Company not be perfected.  IANAL (I AM NOT A…"
Oct 23
Ron Hance replied to Ron Hance's discussion Foreclosure, No bank subrogation, now an UMI
"Thank you so much for the information. Yes, The prior owner executed the OGML subject to the mortgage and no subordination was obtained.  The bank never ratified the lease or execute a lease after the foreclosure.   I did notify the…"
Oct 23
Dion Warr, CPL replied to Ron Hance's discussion Foreclosure, No bank subrogation, now an UMI
"Ron: If I am reading this correctly, the mortgage was executed prior to the execution of the OGML - the prior owner executed the OGML subject to the mortgage and no subordination was obtained.  Then, the bank foreclosed.  Being that the…"
Oct 23
Ron Hance posted a discussion

Foreclosure, No bank subrogation, now an UMI

Foreclosure on Louisiana building with leased minerals, no bank subrogation (bank didn’t sign off on oil and gas lease). I purchased the minerals from the bank, so I now have an unleased mineral interest (UMI). At the time of drilling and for a few years after the minerals were under a lease executed by the borrower.Do I have to wait for payout on the well before I start receiving a royalty payment? Or was my portion of the payout covered because it was leased at the time of the drilling…See More
Oct 22
Ron Hance commented on Ron Hance's blog post Foreclosure, No bank subrogation, now an unleased mineral owner
"My minerals are in Louisiana.   I will post my question on the Main Page too, if that is ok? thank you for your help.  This is complicated.  "
Oct 22
Ron Hance posted a blog post

Foreclosure, No bank subrogation, now an unleased mineral owner

Foreclose, Commercial property, no bank subrogation (they didn't sign off on the oil and gas lease).  I purchased the minerals from the bank so I am now an unleased mineral owner.  At the time of drilling and for a few years after the minerals were under lease executed by the borrower.  So am I, as an unleased mineral owner, responsible for the costs of the well?  (aka, do I have to wait for the well to payoff before i start receiving a royalty).  Assuming I shouldn't have to pay for the…See More
Oct 21
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Oct 8

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Foreclosure, No bank subrogation, now an unleased mineral owner

Foreclose, Commercial property, no bank subrogation (they didn't sign off on the oil and gas lease).  I purchased the minerals from the bank so I am now an unleased mineral owner.  At the time of drilling and for a few years after the minerals were under lease executed by the borrower.  

So am I, as an unleased mineral owner, responsible for the costs of the well?  (aka, do I have to wait for the well to payoff before i start receiving a royalty).  Assuming I shouldn't have to pay for…

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Posted on October 9, 2019 at 1:40pm — 3 Comments

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