15-56-407. Confirmation of lease by court — Effect.

Arkansas Code — all titles (historical 2020) · legal_authorities

15-56-407. Confirmation of lease by court — Effect.

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. A text match is a research starting point; applicability is not established.