"I had hoped the law would be on my side because they hadn't gotten the bank to sign off. Thank you, I appreciate it. "
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Foreclosure, No bank subrogation, now an UMI
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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 Ron Hance Jan 17, 2020.
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Oil & Gas ProAndrew replied to Ron Hance's discussion Foreclosure, No bank subrogation, now an UMI
"I have several UMI interests with various operators, and once a well is completed and the pay deck is set up, they're almost never willing to accept further leases. Especially if your interest in an older well that will never pay out, it makes…"
Oil & Gas ProAndrew replied to Ron Hance's discussion Foreclosure, No bank subrogation, now an UMI
"Dion,
If a sheriff's sale occurs as part of a foreclosure by a bank against the mortgagor, it will typically be done by executory process and the borrow is already subject to the court's jurisdiction. Notice is not usually an issue in…"
Oil & Gas ProDion 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…"
Oil & Gas ProDion 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…"
landownerBobi 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…"
"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…"
Oil & Gas ProDion 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…"
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
"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. "
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
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Comment Wall (1 comment)
- At 2:30 on April 2, 2020,
landownerStella said… Good Day,
How is everything with you, I picked interest on you after going through your short profile and deemed it necessary to write you immediately. I have something very vital to disclose to you, but I found it difficult to express myself here, since it's a public site.Could you please get back to me on:( mrsstellaabudheir@gmail.com ) for the full details.
Have a nice day
Thanks God bless
Stella.
Ron Hance's Blog
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…
ContinuePosted on October 9, 2019 at 7:40 — 3 Comments
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