Who owns the mineral rights if the company that had owned them is closed down?
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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 8 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 8 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.
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