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15-56-405. Court order — Disposition of royalties.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-56-405. Court order — Disposition of royalties.
(a) If the court after hearing as provided in § 15-56-404 shall determine that the lease should be executed, the judge shall enter an order authorizing the life tenant to execute the lease.
(b) The court shall further:
(1) Fix and determine the part of the bonus consideration paid for the lease; the delay rentals, if any, payable under the lease; other payments, if any, other than royalties provided for in the lease, which shall be allowed the life tenant; and the portion of the royalties reserved in the lease and that may accrue under the lease which shall be allowed the life tenant. In so doing, the court may allow the life tenant all or any part of the bonus consideration paid for the lease, the delay rentals, if any, payable under the lease, and other payments, if any, other than royalties, payable under the lease, but not more than one-half (½) of the royalties reserved in and which may accrue under the lease. The order of the court, upon the approval and confirmation of the lease, as provided in § 15-56-407, shall vest in the life tenant title to such part of the bonus consideration paid for the lease and delay rentals, if any, and title to other payments, if any, provided for in the lease, other than royalties, as are allowed to the life tenant and shall vest title to such proportionate part of the royalties reserved in and which may accrue under the lease as are allowed to the life tenant, free and clear of any limitations, conditions, and restrictions imposed by the will or deed by which the petitioner acquired title and free and clear of any present or future claim of any persons asserting or attempting to assert a reversional or remainder interest therein on account of the deed or will. However, any int
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-56-405
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:15-56-405
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2d09be92d20f476cc3169cdcc2323b7e4dc48d572995297dc3a8dbe4966136b8
Source location: content.xml paragraph 21147
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15-56-405. Court order — Disposition of royalties.
(a) If the court after hearing as provided in § 15-56-404 shall determine that the lease should be executed, the judge shall enter an order authorizing the life tenant to execute the lease.
(b) The court shall further:
(1) Fix and determine the part of the bonus consideration paid for the lease; the delay rentals, if any, payable under the lease; other payments, if any, other than royalties provided for in the lease, which shall be allowed the life tenant; and the portion of the royalties reserved in the lease and that may accrue under the lease which shall be allowed the life tenant. In so doing, the court may allow the life tenant all or any part of the bonus consideration paid for the lease, the delay rentals, if any, payable under the lease, and other payments, if any, other than royalties, payable under the lease, but not more than one-half (½) of the royalties reserved in and which may accrue under the lease. The order of the court, upon the approval and confirmation of the lease, as provided in § 15-56-407, shall vest in the life tenant title to such part of the bonus consideration paid for the lease and delay rentals, if any, and title to other payments, if any, provided for in the lease, other than royalties, as are allowed to the life tenant and shall vest title to such proportionate part of the royalties reserved in and which may accrue under the lease as are allowed to the life tenant, free and clear of any limitations, conditions, and restrictions imposed by the will or deed by which the petitioner acquired title and free and clear of any present or future claim of any persons asserting or attempting to assert a reversional or remainder interest therein on account of the deed or will. However, any interest allowed the life tenant in the royalties reserved in or accruing under the terms of the lease shall expire upon the termination of the lease;
(2) Appoint some suitable person as trustee for the benefit of the contingent remaindermen and reversioners and require that the trustee shall execute bond in a sum the court deems proper, which bond shall be approved by the court;
(3) Direct and authorize the life tenant, after the filing of the bond by the trustee and its approval by the court, to execute to the lessee a mineral lease covering the lands, which lease shall reserve a royalty in kind, quantity, or amount approved by the court; and
(4) Make further orders in the premises as seem equitable and just.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-56-404. Court determination.
(a) The court shall consider the petition and may in its absolute discretion require that other persons as it deems proper be made parties to the proceeding. The court may hear testimony to determine whether or not the execution of the lease is advisable.
(b) The court shall also determine what part of the bonus consideration paid for the lease; of the delay rentals, if any, accruing thereunder; of the other payments, if any, provided for therein; and of the royalties reserved therein and accruing thereunder, not exceeding one-half (½) of the royalties, should be awarded the life tenant as compensation for the lease upon his or her interest in the premises and for the damage to his or her life estate on account of the execution of the lease.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-56-404
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-56-404. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-56-407. Confirmation of lease by court — Effect.
(a) After the trustee has executed the bond required by the court, the life tenant shall execute and present to the court for its examination the mineral lease so authorized. This lease shall reflect the portion of the consideration, rentals, other payments, if any, and royalties which shall be paid to the life tenant and the portion thereof which shall be paid to the trustee.
(b) If the court finds that the lease conforms to its previous orders, and shall be further satisfied that the consideration therefor has been paid to the trustee and the life tenant in conformity with the previous orders of the court, it shall approve the lease and confirm the sale thereof. At that time, the lessee shall become vested with the leasehold interest in and to the minerals, other than oil and gas, which are included in the lease and are situated in, on, and under the lands, free and clear of any limitations, restrictions, or conditions imposed upon the lands in the grant or will under which the life tenant acquired title to the lands and free and clear of any present or future claim of any person asserting or attempting to assert any reversional or remainder interest therein on account of the deed or will, subject to the conditions imposed by the lease.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-56-407
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-56-407. This identifies an authority to review, not proof of applicability.