Morton v. Kievit (In re Vallecito Gas LLC)
Jul
19
2011
Ruling
Postpetition assignments of overriding royalty interests in oil and gas leases could be recovered provided amounts paid by assignees were refunded.
Procedural posture
Chapter 11 trustee filed an adversary proceeding against defendants, individuals and entities that purchased overriding royalty interests ("ORRIs") in an oil and gas lease that was located on Navajo Nation land, seeking a determination that the ORRIs were void or voidable and could be recovered for a gas company's bankruptcy estate pursuant to 11 U.S.C.S. §§ 362, 549, and 550.
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Court
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