Alabama § 9-17-50 Cancellation on Records of Lapsed Optional Leases; Liability of Lessees for Failure or Refusal to Mark Leases Cancelled on Records, Etc., Upon Request of Lessors

Alabama Statutes

§ 9-17-50 — Cancellation on Records of Lapsed Optional Leases; Liability of Lessees for Failure or Refusal to Mark Leases Cancelled on Records, Etc., Upon Request of Lessors

Alabama·Title 9 Conservation and Natural Resources·Ch. 17 Oil and Gas·Art. 2 Leases·Div. 1 General Provisions

(a)Whenever by reason of the termination of the full period within which an optional gas and oil lease which is of record may be kept alive by the payments of rentals or by reason of the termination of any of the options in such lease by reason of failure on the part of the lessee to comply with the condition therein for the prevention of forfeiture such lease shall lapse, the lessee must, on request in writing by the lessor, mark same cancelled on the records or must furnish the lessor with an instrument, duly acknowledged, directing the cancellation of such lease on the records.

(b)Any lessee failing or refusing to supply the lessor with such an instrument or failing or refusing to cancel any lease on the records within 30 days after receiving written demand as above shall be liable to

Free access — add to your briefcase to read the full text and ask questions with AI

(a) Whenever by reason of the termination of the full period within which an optional gas and oil lease which is of record may be kept alive by the payments of rentals or by reason of the termination of any of the options in such lease by reason of failure on the part of the lessee to comply with the condition therein for the prevention of forfeiture such lease shall lapse, the lessee must, on request in writing by the lessor, mark same cancelled on the records or must furnish the lessor with an instrument, duly acknowledged, directing the cancellation of such lease on the records.
(b) Any lessee failing or refusing to supply the lessor with such an instrument or failing or refusing to cancel any lease on the records within 30 days after receiving written demand as above shall be liable to such lessor for a reasonable attorney’s fee incurred by the lessor in bringing suit to have such forfeiture and cancellation adjudged and, in addition thereto, shall be liable to the lessor for all damages suffered by the lessor by reason of his inability to make any lease on account of the first lease not having been cancelled.

Alabama § 9-17-50 (Cancellation on Records of Lapsed Optional Leases; Liability of Lessees for Failure or Refusal to Mark Leases Cancelled on Records, Etc., Upon Request of Lessors) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.