Reading...
Play button
Play button
Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
7 Cards in this Set
- Front
- Back
|
How do you know if land is subject to the Relinquishment Act?
|
Look for language such as "which was acquired by patent and sale from the State of TX"
|
|
|
What limits does the Relinquishment Act place on the owner of land?
|
Owner does not own the oil and gas in the mineral estate. Owner can act as the agent of the state and lease the land, sharing the lease benefits equally with the state, but may not "sell" the mineral estate.
|
|
|
What can the state of TX do against a mortgagee trying to foreclose against the land?
|
The State may intervene and challenge the deed of trust lien. The bank may be able to foreclose against landowner's benefits under the lease, but not against the underlying mineral estate.
|
|
|
What is the formula for PPQ?
|
PPQ = production revenues from the lease MINUS the landowner's royalty MINUS operating costs
|
|
|
July 2005 - Mortgagor sends mortgagee a deed in lieu of forclosure. What is the effect of a deed in lieu upon morgagee's right to foreclose?
|
No effect on mortgagor's right to foreclose. TX does not recognize a deed in lieu of foreclosure.
It is a conveyance by the mortgagor as payment of the debt and does NOT extinguish subordinate liens. |
|
|
July 2005 - What are the elements to establish an implied easment based on existing use?
|
1) unity of ownership of the land until severed into the dominant and servient tracts;
2) an apparent, continuous use of the servient property at the time of the severance; and 3) the use of the servient property was necessary to the use and enjoyment of the dominant estate |
|
|
July 2005 - Can an implied easement be moved?
|
Generally, location of an implied easement is binding and cannot be changed w/o the consent of both parties. Ie, you can't build a new road to replace an existing implied easement.
|
