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Page Content 4.4 ENCUMBRANCES-LEASES Problem A: Should an oil, gas or coal lease be shown when satisfactory evidence is furnished that rentals are in default and that minerals are not being produced? Standard A: No, provided further that the primary term of the lease has expired. Comment A: See R.C. Sec. 5301.332. (Effective as amended May 20, 1965; originally effective May 21, 1953) Problem B: May an examiner omit from his opinion reference to a recorded lease when the terms expressed in the lease have expired? Standard B: Yes, in the absence of notice of renewal arising from possession, record or otherwise. (Effective November 12, 1960) |