353.464 When court may declare trust and appoint trustee -- Persons authorized to

235 words·~1 min read·/ky/353-464

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

institute proceedings.

(1)If the title to any severed mineral interest is vested in an unknown or missing owner

and it appears that the development of the minerals will be advantageous to the

owner, the Circuit Court of the county in which the minerals or the major portion

thereof lies shall have the power to declare a trust therein, appoint a trustee for the

unknown or missing owners and authorize the trustee to sell, execute and deliver a

valid lease thereon on terms and conditions customary in the area for the minerals

covered thereby and similarly situated. The lease shall continue in full force and

effect after the termination of the trust unless the lease has previously expired by its

own terms.

(2)Proceedings for the appointment of a trustee may be instituted by any person:

(a)Vested in fee simple with the surface estate overlying the particular minerals

sought to be developed;

(b)Vested in fee simple with an undivided interest in the particular minerals

sought to be developed;

(c)Vested in fee simple with the entire interest in the particular minerals sought

to be developed under lands immediately adjacent and contiguous to those

lands under which the same minerals are vested in unknown or missing

owners; or

(d)Vested with a valid and subsisting mineral lease, the lessor of which is a

person defined under either paragraph

(b)or

(c)of this subsection.