Who owns the mineral rights if the company that had owned them is closed down?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Who owns the mineral rights if the company that had owned them is closed down?
Asked on August 9, 2015 under Real Estate Law, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If the company had been a partnership or sole proprietorship, the partners or sole owner would still own them. If the company had been an LLC or a corporation, you need to find out what happened when the company closed: was there a bankruptcy, in which case the mineral rights may be or have been sold for the benefit of creditors; were there tax liens, so that the government may have an interest; was the company simply dissolved without doing anything with its assets, including mineral rights, in which case those assets and rights go to the state; etc. A good place to start with the department of state in the state in which the business was formed--there may be a filing with information. You could also do a search in its home state's court system, to see if there was any bankruptcies or other cases affecting the business or its assets.
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 9 years ago | Contributor
If the company had been a partnership or sole proprietorship, the partners or sole owner would still own them. If the company had been an LLC or a corporation, you need to find out what happened when the company closed: was there a bankruptcy, in which case the mineral rights may be or have been sold for the benefit of creditors; were there tax liens, so that the government may have an interest; was the company simply dissolved without doing anything with its assets, including mineral rights, in which case those assets and rights go to the state; etc. A good place to start with the department of state in the state in which the business was formed--there may be a filing with information. You could also do a search in its home state's court system, to see if there was any bankruptcies or other cases affecting the business or its assets.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.