(a) All sales of lands formerly owned by the State of Arkansas conducted pursuant to the decrees of the Pulaski County Chancery Court in favor of the State of Arkansas, condemning the lands for sale to pay the unpaid purchase price thereof, which sales were held and conducted by the commissioner of the court in substantial conformity to the decrees, were reported to and were approved and confirmed by the court, and were made for a price payable in Arkansas levee bonds to May 1, 1878, are ratified and confirmed and made valid as if the lands had been paid for in valid funds.

(b) When the owner and occupant of any of the lands shall present to the Commissioner of State Lands a duly certified copy of the proceedings of the court affecting the lands claimed by him or her and showing that the land was sold prior to May 1, 1878, and paid for in Arkansas levee bonds and that the sale was approved and confirmed by the court, and when the owner shall file a petition with the Commissioner of State Lands setting forth the evidence of his or her title, showing title derived by him or her from the purchaser at the sale so held under decree of the court prior to May 1, 1878, and showing that the claimant and those under whom he or she claims title have continuously paid taxes on the lands for at least seven (7) years immediately preceding the filing of the petition, it shall be the duty of the Commissioner of State Lands to execute to the record owner a deed in the name of the State of Arkansas, quieting all the right, title, and claim of the State of Arkansas in the land claimed and held by each owner.