Louisiana Revised Statutes 30:1112 – Notice of geologic storage agreements; recordation
Terms Used In Louisiana Revised Statutes 30:1112
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Grantor: The person who establishes a trust and places property into it.
A.(1) In lieu of recording an agreement for the geologic storage of carbon dioxide or any amendment or modification thereof, as provided by Civil Code Article 3338, a party may record a notice of geologic storage agreement signed by the grantor who executed the agreement.
(2) Recordation of a notice shall make the geologic storage agreement and any subsequent amendment or modification effective as to third persons to the same extent as recordation of the instrument.
(3) The notice of geologic storage agreement shall contain the following:
(a) A declaration that the property is subject to the geologic storage agreement and the names and addresses of the parties who executed the agreement.
(b) A description of the surface and depths covered by the geologic storage agreement.
(c) The effective date of the geologic storage agreement, its term, and the provisions of any other extensions and renewals of the term provided for in the agreement.
(d) A description of any restrictions on drilling through or otherwise penetrating the carbon dioxide storage reservoir for purposes of exploring, developing, or producing minerals from or below the reservoir.
B.(1) A change in a geologic storage agreement with respect to any matter that is required to be included in a notice of geologic storage agreement pursuant to Subsection A of this Section is not effective as to third persons unless the parties record a signed amendment to the notice that describes the change.
(2) Notwithstanding Paragraph (1) of this Subsection, if the change is a transfer of a party’s rights, the parties may do either of the following:
(a) Record an amendment to the notice signed by the transferor and transferee evidencing the transfer.
(b) Record the instrument transferring the party’s rights.
C. The effect of recordation of a notice of geologic storage agreement ceases on occurrence of either of the following:
(1) Upon recordation of an instrument signed by the parties to the agreement or their successors declaring that the geologic storage agreement has terminated.
(2) On the date that the geologic storage agreement may finally terminate as set forth in the notice of geologic storage agreement.
D. The provisions of this Section authorizing the filing of a notice of geologic storage agreement are remedial and shall be applied retroactively to any notice of geologic storage agreement theretofore filed for record which is in substantial compliance with the provisions of Subsection A of this Section, and such a notice shall affect third persons as of the date of recordation.
E. The grantee of any recorded notice of geologic storage agreement shall notify the governing authority of the parish in which the instrument is recorded within thirty days after recordation. Notice may be made by electronic mail to the parish president, police jury president, or mayor-president, depending on the form of parish government.
Acts 2023, No. 378, §1, eff. June 14, 2023.