My sister, brother and I just received our initial checks from Fidelity for oil drilled and sold since May 2012. There was a hold up on our division orders due to their legal department having a problem locating my grandfather's recorded will (from 1972). We received a large sum and the statement attached showed the amount that was sold for each month since May 2012 through November 2012. I read somewhere on this website that we may be entitled to interest on those monies. I can't locate the entry where I saw this and I don't know where to find the laws governing these kind of payments. Anyone know what I'm talking about?
Thanks for any help!
My understandng of the MT and ND regulations is that the mineral owner is entitled to 18% yearly interest on each month of distributions from oil sales (1and1/2% interest monthly) on new wells if you do not receive your total accumulated distributions after the sixth month (the usual confidential list period). Since you were apparently paid what had accumulated for 7 months, you might be entitled to be paid 1 and 1/2% on the first month's distribution. Hypothetically, If the first month's distribution from royalty interest was $3000 you would be entitled to $45 interest. Perhaps, others more knowledgeable can correct this if I am wrong. Sincerely, Bill Rowland
Thanks, Bill. That helps me understand better. The first 2 months were very small, so not worth pursuing.
Chris Cheney