(1) Upon the filing of the complaint and the declaration of taking and deposit in court, to the use of the person entitled thereto, of the amount of the compensation stated in the declaration, and upon the Transportation Department having filed proof of service of process, title to the land or such other interest therein specified in the complaint and the declaration of taking, together with the right to immediate possession thereof, shall vest in the Mississippi Transportation Commission, and the judge shall enter such orders in the cause as may be required to place the Transportation Commission in possession and title. Thereafter, the land shall be deemed to be condemned and taken for use of the Transportation Department, and the right to just compensation therefor shall vest in the person owning the property or any compensable interest therein at the time of the filing of the complaint and the declaration of taking and deposit of the money in court. Compensation shall then be determined and awarded in the action and established by judgment therein.

(2) If there is a life estate and a remainder, either vested or contingent, in lieu of the investment of the proceeds of the amount determined and awarded as just compensation to which the life tenant would be entitled to the use during the life estate, the court, in its discretion, may order the value of the life tenant’s share during the probable life of such life tenant to be ascertained as provided by law and paid directly to the life tenant out of the final award as just compensation established by the judgment in the cause, and the life tenant may have the relief provided for in Section 65-1-307.

(3) On and after July 1, 1997, the Transportation Department, at the time of the filing of the complaint and declaration of taking and deposit of fair market value compensation, shall record a memorandum of action in the land deed records of the chancery clerk in all counties in which the land involved therein is located, and the memorandum shall be recorded among the land records of the county. Upon the amending of any complaint and declaration of taking affecting the property taken, the Transportation Department shall record a supplemental memorandum of action. The memorandum of action shall contain the following:

(a) The names of those persons who the Transportation Department is informed and believes may have or claim to have an interest in the lands and who are parties to the action;

(b) A description of the entire tract or tracts affected by the taking sufficient for the identification thereof;

(c) A statement of the estate or interest in the land taken for public use; and

(d) The date of institution of the action, the county in which the action is pending, and such other reference thereto as may be necessary for the identification of the action.