Split estate: Difference between revisions
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In the [[United States]], a '''Split Estate''' is an estate where the property rights to the surface and the underground are split between two parties. It is the result of [[Homestead Act]]s such as the [[Alaska Native Claims Settlement Act]] or the [[Stock-Raising Homestead Act]] |
In the [[United States]], a '''Split Estate''' is an estate where the property rights to the surface and the underground are split between two parties. It is the result of [[Homestead Act]]s such as the [[Alaska Native Claims Settlement Act]] or the [[Stock-Raising Homestead Act]].<ref>Idaho Department of Land website's [http://www.idl.idaho.gov/bureau/minerals/min_leasing/leasing.htm#whatis FAQs]</ref> |
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In the 49 United States practicing British [[Common law]]; Louisiana derived from [[Napoleonic Code]], a Split Estate is created when the Original Fee Simple owner divests through agreement or legal instrument; the Subsurface, often called the [[Mineral Estate]]. Executor rights transfer in whole, unless otherwise reserved, and administration of the estate carries the same rights, liabilities, and privileges the Surface Estate does. |
In the 49 United States practicing British [[Common law]]; Louisiana derived from [[Napoleonic Code]], a Split Estate is created when the Original Fee Simple owner divests through agreement or legal instrument; the Subsurface, often called the [[Mineral Estate]]. Executor rights transfer in whole, unless otherwise reserved, and administration of the estate carries the same rights, liabilities, and privileges the Surface Estate does. |
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In the [[State of Louisiana]]; severability of estate is legal and common, however a particular law practice similar to [[Easements in English law]] allows the reversion of the mineral estate to the current surface owner, if the mineral estate is not actively engaged in productive activity. This is similar to [[Squatter's rights]] in other states; however other States do not allow this for the Mineral Property. |
In the [[State of Louisiana]]; severability of estate is legal and common, however a particular law practice similar to [[Easements in English law]] allows the reversion of the mineral estate to the current surface owner, if the mineral estate is not actively engaged in productive activity. This is similar to [[Squatter's rights]] in other states; however other States do not allow this for the Mineral Property. |
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Who owns the right the exploit the underground is important in case it contains [[mineral]]s, [[Petroleum|oil]], or [[natural gas]] |
Who owns the right the exploit the underground is important in case it contains [[mineral]]s, [[Petroleum|oil]], or [[natural gas]].<ref>Federal government's [http://www.blm.gov/wo/st/en/prog/energy/oil_and_gas/best_management_practices/split_estate.html FAQs]</ref> It is currently the object of controversies <ref>Forbes' [http://www.forbes.com/feeds/ap/2011/03/08/business-wy-wind-power_8344287.html Wyoming lawmakers fail to settle eminent domain issue]</ref> because some landowners are concerned about the environmental impact <ref>NPR's [http://marketplace.publicradio.org/display/web/2011/03/07/pm-homeowners-try-to-protect-properties-from-oil-boom/ Homeowners try to protect their properties from oil boom]</ref> |
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==Notes== |
==Notes== |
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Revision as of 09:26, 10 January 2013
In the United States, a Split Estate is an estate where the property rights to the surface and the underground are split between two parties. It is the result of Homestead Acts such as the Alaska Native Claims Settlement Act or the Stock-Raising Homestead Act.[1]
In the 49 United States practicing British Common law; Louisiana derived from Napoleonic Code, a Split Estate is created when the Original Fee Simple owner divests through agreement or legal instrument; the Subsurface, often called the Mineral Estate. Executor rights transfer in whole, unless otherwise reserved, and administration of the estate carries the same rights, liabilities, and privileges the Surface Estate does.
In the State of Louisiana; severability of estate is legal and common, however a particular law practice similar to Easements in English law allows the reversion of the mineral estate to the current surface owner, if the mineral estate is not actively engaged in productive activity. This is similar to Squatter's rights in other states; however other States do not allow this for the Mineral Property.
Who owns the right the exploit the underground is important in case it contains minerals, oil, or natural gas.[2] It is currently the object of controversies [3] because some landowners are concerned about the environmental impact [4]
Notes
- ^ Idaho Department of Land website's FAQs
- ^ Federal government's FAQs
- ^ Forbes' Wyoming lawmakers fail to settle eminent domain issue
- ^ NPR's Homeowners try to protect their properties from oil boom
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