27-561. Assignment of lease; recording
A. In event of the assignment of a lease as to a segregated portion of the land covered thereby, the rentals payable thereunder shall be apportionable between the several leasehold owners ratably according to the surface area of each. Default in rental payment by one shall not affect the rights of other leasehold owners under the lease. If the lease is assigned in whole or in part, liability for the breach of any obligation under the lease shall rest exclusively upon the owner of the lease or the portion thereof who commits the breach.
B. All leases issued under the provisions of this article shall be assignable in whole or in part, but any assignment of a part of a lease shall cover not less than a quarter of a quarter section or the approximate equivalent thereof.
C. All assignments shall be on forms prescribed by the department and shall be filed with the department within ninety days from the date when made by depositing a duplicate executed original or a copy thereof certified by a notary public. The department shall retain in its files executed duplicate originals of all issued leases and of all assignments deposited with it. All leases and assignments shall be recorded, as other leases are recorded, in tract books kept for that purpose by the department.
D. All leases on file and all assignments filed with the department shall be constructive notice to all persons of the contents thereof.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
