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Definition
| A decision with its accompanying reasons and legal principals |
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| A book with significant opinions |
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| The Federal-Truth-in-Lending Act |
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Definition
| compels the disclosure of interest rates in terms that ordinary consumers can understand |
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| Interstate Land Sales Act |
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Definition
| requires disclosures that are intended to assist the unwary prospective buyer of vacant lots in making a purchase decision |
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| Land or Real Estate includes... |
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Definition
| not only the ground but everything attached, over, and under |
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Definition
| landowner owns the oil beneath his land in much the same way the landowner owns coals or other minerals |
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Definition
| landowner does not own the oil until it is pumped out of the ground |
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Definition
| a mineral owner who drills from one site will own all of the oil and gas produced even though some of the oil/gas has migrated from anothers land....BUT secondary methods of pumping cannot be used |
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| Elements of an Oil and Gas Lease |
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Definition
1. a cash bonus is paid to the lessor for granting the lease
2. a royalty is paid to the lessor if oil or gas is discovered
3. the lease is for a fixed term
4. the term can be extended if the lessee drills a well or pays delay rentals to compensate the lessor for the lessee's failrue to drill |
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Term
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Definition
| The Oil and Gas lease will come due if no drilling takes place unless delay rentals are paid |
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Definition
| requires the lessee to produce oil or to pay rent |
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Term
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Definition
...the lessor would receive
1. 1/8th of the oil delivered to tanks or pipelines
2. quarterly payments of 1/8th of the value at the well of gas produced from an oil well
3. monthly payments of 1/8th of the value at the well gas produced from a well producing only gas |
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Term
| The Oil and Gas lease requires the lessee |
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Definition
1. to bury pipelines below plow depth
2. not to drill nearer than 200 feet from a house or barn
3. pay crop damages if any from operations |
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Definition
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Term
| Three dimensions from the Merchandise Mart in Chicago case |
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Definition
1. Air lot
2. Column Lot
3. Caisson Lot |
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Term
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Definition
| A and B are adjacent...B sinks an oil well angled under property A |
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Term
| If someone is hurt while trespassing on your property, are you liable? |
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Definition
| If you knew of a dangerous condition and did not warn or divert |
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Term
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Definition
| an article of personal property, for example a car and is trnasferred by a bill of sale |
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| Real Estate is transferred by means of a .... |
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Definition
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Definition
| trees, perennial bushes, grasses etc. which do not require annual cultivation are considered real estate |
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Definition
| annual crops produced by labor, such as wheat, corn, and onions are considered personal property |
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