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15-73-304. Court determinations, orders, and appointments.
Arkansas Code — all titles (historical 2020) · legal_authorities
15-73-304. Court determinations, orders, and appointments.
If the circuit court after the hearing shall determine that the lease should be executed, it shall enter an order authorizing the life tenant to execute the lease. The court shall:
(1) Determine the extent to which the estate of the life tenant may be damaged or impaired by the development and operations of the property for oil and gas, and the court may allow the life tenant as compensation all or any part of the consideration paid for the lease, and all or any part of the rentals which may accrue on account of delay in beginning operations, and the proportion of the oil, gas, and minerals in, on, and under the lands, not to exceed an undivided one-sixteenth (1/16) interest therein. The order of the court, upon the approval and confirmation of the lease as provided in § 15-73-305, shall vest in such life tenant title absolute in fee simple in and to the proportionate part of the consideration, delay rentals, and mineral interest so awarded to him or her by the court, which interest shall be free and clear of any limitations, conditions, or restrictions imposed by the will or deed by which he or she acquired title, and free and clear of any present or future claim of any person or persons asserting or attempting to assert a reversional or a remainder interest therein on account of the deed or will;
(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 as the court may deem proper;
(3) Direct and authorize the life tenant, after the filing of the bond by the trustee, to execute to the lessee an oil and gas lease covering the lands, which lease shall reserve as royalty not less than one-eighth (1/
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-73-304
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:15-73-304
Source file: gov.ar.code.title.15.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c80d215838d9eb7423fdeaa260311235ccd610e2f07dc902a57c7a90d476d76f
Source location: content.xml paragraph 25127
Stored source content
15-73-304. Court determinations, orders, and appointments.
If the circuit court after the hearing shall determine that the lease should be executed, it shall enter an order authorizing the life tenant to execute the lease. The court shall:
(1) Determine the extent to which the estate of the life tenant may be damaged or impaired by the development and operations of the property for oil and gas, and the court may allow the life tenant as compensation all or any part of the consideration paid for the lease, and all or any part of the rentals which may accrue on account of delay in beginning operations, and the proportion of the oil, gas, and minerals in, on, and under the lands, not to exceed an undivided one-sixteenth (1/16) interest therein. The order of the court, upon the approval and confirmation of the lease as provided in § 15-73-305, shall vest in such life tenant title absolute in fee simple in and to the proportionate part of the consideration, delay rentals, and mineral interest so awarded to him or her by the court, which interest shall be free and clear of any limitations, conditions, or restrictions imposed by the will or deed by which he or she acquired title, and free and clear of any present or future claim of any person or persons asserting or attempting to assert a reversional or a remainder interest therein on account of the deed or will;
(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 as the court may deem proper;
(3) Direct and authorize the life tenant, after the filing of the bond by the trustee, to execute to the lessee an oil and gas lease covering the lands, which lease shall reserve as royalty not less than one-eighth (1/8) of the oil and gas which may be produced, saved, and marketed from the lands. Of the royalty so reserved, the life tenant shall receive the proportion as the mineral interest allowed to him or her by the court as damages bears to the amount of royalty reserved under the lease, i.e. if the court allows the life tenant a one-sixteenth (1/16) interest and the lease reserves one-eighth (1/8) as royalty, the life tenant would be entitled to receive one-half (½) of the royalty; and
(4) Make such further orders in the premises as may seem equitable and just.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-73-305. Court approval of lease and confirmation of sale.
(a) After the trustee shall have executed the bond required by the circuit court, the life tenant shall execute and present to the court for its examination the oil and gas lease so authorized, which lease shall show what part of the consideration, rents, and royalties shall be paid to the life tenant and what part to the trustee.
(b) If the court shall find 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 order of the court, it shall approve the lease and confirm the sale thereof, whereupon the lessee shall become vested with the leasehold interest in and to the oil, gas, and other minerals 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 or persons asserting or attempting to assert a reversional or remainder interest therein on account of the deed or will, and subject only to the conditions imposed by the lease.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-73-305
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 15-73-305. This identifies an authority to review, not proof of applicability.