(a) Upon the filing of the petition, the circuit court shall appoint a receiver, who shall be authorized to negotiate for and to execute, acknowledge, and deliver a lease on mineral lands or severed mineral interests for a cash, commodity in kind, or tonnage royalty, as is the customary manner, and terms for the product, for the best interest of, or compensation to, the parties holding thereunder, and to collect, divide, and pay over the proceeds, secured for the leases, pro rata to and among owners, as their interests may appear.
(b) Any rents, bonus money, royalties, or other proceeds that may accrue to any unknown persons shall be paid by the receiver into the registry of the clerk of the court to be held by the clerk, and any bond of the receiver shall be eliminated thereby.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.