Case Alert - SCOTX applies Discovery Rule to breach of Pref Right -- despite disclosure in the deed records

Case Alert - SCOTX applies Discovery Rule to breach of Pref Right -- despite disclosure in the deed records
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Rights of first refusal (sometimes called preferential rights to purchase, or “pref rights”) are routinely found in oil and gas title, joint operating agreements, farmout agreements, and other instruments common to the industry. Even AAPL’s Model Form-610 Operating Agreement includes an optional pref right provision. Pref rights can destroy pending deals, or even unravel deals after they have already closed.

More at: https://oilandgaslawdigest.com/caselaw/scotx-applies-discovery-rule-to-breach-of-pref-right-despite-disclosure-in-deed-records/

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Am I reading this right?

  1. When you sell mineral rights, you have to update the county deed records.
  2. If a company/fund/etc. has the right of first refusal, it is not enough to only update deed records.
  3. When the right of first refusal applies, mineral owners must alert the interested party before completing a transaction.