Couple weeks ago I received a certified mail from "White Rock Royalty LLC" stated that I have been short cutted on my royalty interest check payments. They discovered the mistakes, and if I signed this document and returned to them on a posted paid envelope, they can get me all the back pay owing to me provided they keep 20% percent of the funds recovered.
Following a phone call, I told the young lady I will have my lawyer look at the documents and I will get back to her. I basically throw the letter away. Two weeks later, I received another letter from the same company (White Rock Royalty LLC) stated: If this royalty interest continues to go unclaimed, the county could foreclose on the royalty interest for unpaid taxes.
I personally think this company full of B, S.
1-They told me I was not being paid enough royalty interest that they can help me recover money owes back to me.
2- If the royalty interest continues to go unclaimed, the county may foreclose on the royalty interest.
3-She contradicted herself by saying if the royalty interest are not being claimed and pay the taxes due, the county will foreclose on the royalty interest.
4-I am being paid royalty interest every month and taxes are deducted from the checks every month, so, how could the county foreclose on the royalty interest that are paying taxes?
Does anyone have any idea?
Louis
I'm sure you will get some advice from those more knowledgeable than me but sounds like a scam to me. First, the royalty interests are not going unclaimed since you are getting checks. If the royalties were going unclaimed they would eventually go to the state treasurer as unclaimed according to an experience I've had in OK. Have you searched online for this White Rock Royalty LLC to check for a scam? If I thought I was being shorted on my royalty I'd check with a reputable landman to see what they think or some other oil professional.
I think you’re wrong, Joe. This company is probably a mineral “audit” company who found something on ahired search for another RI and they’re contacting the other holders.
Texas doesn’t steal royalty payments. Unclaimed Interests “escheat” to the State, after so many years of being unclaimed. They hold them for lost owners. Someone else sent a link to the escheat site. True, when you claim an item, they take a small fee and net it out of the check they send you. Apparently, White Oak will find it before it escheats and the take 20%. Depending on the amount of minerals, it’s easier for them to do it than all the paperwork you file to get money from the escheated funds. I do recommend that you regularly search the site. I’ve found gift certs from my mother to men’s warehouse, dividend checks, etc.
Quite possible. In Oklahoma we had a similar experience a couple of years ago. There are people/investigators/companies that regularly wear the state treasurers website and also court records for probates, etc., and if they find unclaimed items they search out the possible individuals/heirs and notify them about assets found and take a cut of the assets in payment.
If you interest is in Texas and you have production, you will receive a tax bill from the county unless your interest is valued less than $500.00
The taxes that are deducted from your check are production taxes which go to the state, not the county