§ 581.40. Assignment of leases or interests therein.
147 words·~1 min read·
/us/cfr/t30/s§ 581.40·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Subject to the approval of the Secretary, a lease may be assigned, in whole or in part, pursuant to section 8(e) of the Act to anyone qualified to hold a lease.
(b)Any approved assignment shall be deemed to be effective on the first day of the lease month following the date that it is submitted to the Director for approval unless by written request the parties request that the effective date be the first of the month in which the Director approves the assignment.
(c)The assignor shall be liable for all obligations under the lease occurring prior to the effective date of an assignment.
(d)The assignee shall be liable for all obligations under the lease occurring on or after the effective date of an assignment and shall comply with all terms and conditions of the lease and applicable regulations issued under the Act.