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Expert Analysis

NM High Court Jeopardizes Standard Royalty Agreements

Law360, New York (September 23, 2014, 1:30 PM EDT) -- On Sept. 15, 2014, the New Mexico Supreme Court entered a decision in First Baptist Church of Roswell v. Yates Petroleum Corp., a case that could call into question the validity of royalty agreements and division orders throughout New Mexico and will have broad implications for how New Mexico operators draft and negotiate such agreements in the future. In rejecting a contractual provision that allowed an operator to withhold interest payments on monies held in suspense, the state supreme court articulated a strong state policy in favor of royalty interest holders, elevating that policy over private parties' freedom to contract in oil and gas transactions....

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