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Can land that has been used as collateral for a loan be leased to gas company to drill on it

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tchand7 Joined: 12 Jun 2011 Posts: 1 1.00 Dollars($)	Posted: Sun Jun 12, 2011 4:56 pm    Post subject: Can land that has been used as collateral for a loan be leas Like 0 Dislike 0 Land was used as collateral in a loan. Now we are being ask to lease the land to a gas company to drill. Are we allowed to do this. We have not missed a payment on the loan.
raymond Community Expert Joined: 03 Jul 2009 Posts: 1191 Location: Irvine, California 28.24 Dollars($)	Posted: Sun Jun 12, 2011 8:53 pm    Post subject: Like 0 Dislike 0 Yes - unless there's a provision in your Note that prohibits it. _________________ Raymond Denton www.RaymondDenton.com
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Jun 12, 2011 9:48 pm    Post subject: Like 0 Dislike 0 Hi tchand! Welcome to forums! You should contact your lender and take his permission regarding the same. If the lender agrees to your request, then you can lease the property to a gas company. Feel free to ask if you've further queries. Sussane

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