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Thursday, January 28, 2016

Senators Propose Bill That Would Have Significant Impact on Ohio Oil and Gas Leases

From Lexology:
On December 30, 2015, Senate Bill No. 257 was introduced before the Ohio General Assembly that would, if enacted, have a substantial effect on the determination of good title to interests in real property, including oil and gas interests. 
The bill, introduced by Senators Bill Seitz and Michael Skindell and co-sponsored by Senator John Eklund, would amend Ohio Revised Code (“ORC”) § 5301.07, a curative statute entitled “Validating certain deeds – limitations,” by expanding the scope of what defects may be cured, creating a presumption of the validity of recorded instruments, and reducing the time period for curing the covered defects. The current version of the statute provides that, after 21 years, a defect in a recorded instrument conveying an interest in real estate can be cured if such defect was due to: 
  1. the instrument not being properly witnessed;
  1. the instrument not containing a certificate of acknowledgement; or
  1. the certificate of acknowledgment being defective in any respect.
Currently, any person claiming adversely to an instrument with such a defect, if not already barred by limitation or otherwise, may, at any time within 21 years after the time of recording of the instrument, bring proceedings to contest the effect of the instrument.
Read more by clicking here. 

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