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When Contract Language Costs Millions: Court Strikes Down Post-Closing Assignment 'Corrections'

Producer's Edge

the El Paso Court of Appeals reversed a trial court's summary judgment and held that post-closing "corrections" to overriding royalty assignments were invalid and unenforceable against a subsequent purchaser. The sales contracts addressed this extra up-to-5% interest through Section 8.1(iii), —El Paso Jan.