Hi all. My Mom has rights to 5 oil wells in this county. We live in South Dakota, but my great Grandmother was from TX and that’s how we inherited the rights. My Mom received a substantial check from Urban Oil. She put it in the bank, and then later received another letter stating that she was overpaid and that she would not receive anymore checks until Urban Oil recouped the money from their mistake. Has this happened to anyone else? Thanks.
Roy…this does happen occasionally.
Clint Liles
Thank you. I’ll tell my Mom.
Now the reason I asked about that…Her and my Uncle each received a check along with a copy of their deed(s) from a company called Preston Ridge Oil. They both want to sell and be done with it, but are unsure of how it will wash out since they were already paid substantially in advance from Urban Oil. If they sell, will they owe Urban for the money paid in advance, or will the buyer also be buying the debt?
Roy, I would say you will need an answer from an attorney with this question. Sorry I can’t help you there.
Clint Liles
Thank you. After I posted that question I thought “why don’t I just call the company making the offer and ask?” So I plan to do that.
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