(a) (1) The guardian of the estate of an incompetent who owns land situated in this state or an interest therein or who owns an interest in oil, gas, or other minerals in or under land situated in this state or in an oil, gas, or other mineral lease on the land on such terms as the guardian deems to be for the best interest of his or her ward and in the name and on behalf of his or her ward may:

(A) Execute, acknowledge, and deliver a lease on the land or interest therein or of the minerals thereunder for the production of oil, gas, or other minerals from those lands;

(B) Make an assignment of the interest in the lease owned by the ward;

(C) Sell and convey the ward's interest in the oil, gas, or other minerals or mineral rights in and under the land or any part thereof; or

(D) Enter into a contract with reference thereto.

(2) Any such lease or assignment, sale, conveyance, or contract shall be binding upon the ward and his or her estate and all parties to the transaction unless set aside as provided in this section.

(b)

(1) Within sixty (60) days after the execution, acknowledgment, and delivery of the lease, assignment, conveyance, or contract, the guardian shall report the transaction to the circuit court of the county in which the land or the greater part of the land in area is situated, stating in detail the essential facts with reference to the transaction, attaching to his or her report a copy of the instrument executed by him or her, and praying for an order ratifying the transaction evidenced by the instrument.

(2) After notice given to these persons, if any, as the court may direct, the court shall hear the petition and shall require a showing of the facts required for determination whether the lease, assignment, sale, conveyance, or contract was for the best interest of the ward under the circumstances existing at the time it was made.

(c)

(1) If the court finds that the execution of the instrument in question was for the best interest of the ward at the time it was executed and delivered, the court shall make an order approving and confirming the acts of the guardian in executing, acknowledging, and delivering the instrument.

(2) Prior to making the order, the court shall ascertain whether the guardian's bond is sufficient in amount and security to protect the estate of the ward with respect to the proceeds of the transaction involved. If the bond is not sufficient, the court shall require, as a prerequisite to making the order, that the guardian's bond be increased or supplemented in amount or security to adequately protect the ward's estate, including the proceeds of the transaction reviewed. The supplemental bond may be filed with and approved by the court making the order.

(d) If the court finds that the transaction reported by the guardian was not for the best interest of the ward at the time it was entered into, the court shall make an order setting aside the lease, assignment, sale, conveyance, or contract and requiring the guardian to return the consideration he or she may have received for the execution and delivery thereof.

(e) If the court making the order is not the court in which the general guardianship proceedings are pending, the order shall direct that a certified copy of the order and the original of the supplemental bond, if any, with the court's approval endorsed thereon be transmitted promptly by registered mail by the clerk of that court to and filed with the clerk of the court in which the general guardianship proceedings are pending.

(f) A guardian who fails to file a report and petition as required by the provisions of this section within the prescribed time shall be guilty of a violation and upon conviction shall be fined in any sum not exceeding one thousand dollars ($1,000).

(g)

(1) If the guardian fails to file the report and petition as provided in subsection (b) of this section, the person with whom the guardian has contracted or to whom he or she has executed and delivered an assignment, lease, conveyance, or other instrument, after the expiration of sixty (60) days and within seventy-five (75) days after the date of the lease, assignment, conveyance, contract, or other instrument, may petition the court of the county in which the land or the greater part thereof in area is situated to require the guardian to file the report and petition.

(2) It shall be the duty of the court to order the guardian to appear and show cause why his or her report and petition have not been filed.

(3) After citation of the guardian to appear and after notice given to the other parties, if any, as the court may direct, the court shall determine whether or not the lease, assignment, sale, conveyance, or contract should be approved and confirmed and shall make an order approving and confirming the transaction or setting the transaction aside as provided in subsection (b) of this section, as in the judgment of the court may be required by the facts developed at the hearing.

(h) A lease, assignment, sale, conveyance, or contract made by a guardian under the authority contained in this section that is not reported to the court as provided by subsection (b) or subsection (g) of this section shall be null and void after the expiration of the time provided for the filing of the petition to require the guardian to file his or her report and petition.