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OTS 4.4

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)

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