Louisiana Revised Statutes 31:176 – Co-owner of mineral servitude may act to prevent waste or destruction or extinction of servitude
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Terms Used In Louisiana Revised Statutes 31:176
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
A co-owner of a mineral servitude may act to prevent waste or the destruction or extinction of the servitude, but he cannot impose upon his co-owner liability for any costs of development or operation or other costs except out of production. He may lease or otherwise contract regarding the full ownership of the servitude but must act at all times in good faith and as a reasonably prudent mineral servitude owner whose interest is not subject to co-ownership.
Acts 1974, No. 50, §176, eff. Jan. 1, 1975.