Tax deeds void as to proceeds of oil produced prior to issuance of tax deed
By Curt Lackey
Mineral Law,
September 2011
Oil buyers should not pay out oil proceeds generated prior to the issuance of Tax Deeds purporting to cover impounded proceeds. Those proceeds belong to the owner of the property sold for taxes up to the date of the issuance and recording of the Tax Deed. If that owner cannot be found, then those proceeds must be handled as unclaimed property and reported to and sent to the Illinois State Treasurer in accordance with the Unclaimed Property Statute.
What is a carried working interest?
By Curt Lackey
Mineral Law,
April 1999
One of the most commonly misused and misunderstood concepts in the oil and gas industry in Illinois is that of a "carried working interest."
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