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4 Cards in this Set
- Front
- Back
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General Rule with cotenancy
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Any co-T IS entitled to lease or produce WITHOUT other co-tenants consent. However, producing co-T must ACCOUNT to nonconsenting co-T for their share of profits.
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When can non-consenting co-tenant recover profits?
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until costs chargeable to their interests have been recovered from production.
So, still charged with reasonable costs of development, but are not personally liable on those costs. |
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What if theres a life tenant and remainder....hat are there interests and what can they do?
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Both must consent to teh lease.
LT will get delay rentals. Bonus and royalty invested in corpus w/ interes paid to life tenant and corpus to remainderman upon tenants death. |
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What is open min doctrine?
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LT entitled to all bonus, delay and royalties....applies if lease in place prior to creation of life estate.
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