§ 15-73-305 - Court approval of lease and confirmation of sale. - Arkansas Statutes

15-73-305. Court approval of lease and confirmation of sale.

(a) After the trustee shall have executed the bond required by the circuit court, the life tenant shall execute and present to the court for its examination the oil and gas lease so authorized, which lease shall show what part of the consideration, rents, and royalties shall be paid to the life tenant and what part to the trustee.

(b) If the court shall find the lease conforms to its previous orders, and shall be further satisfied that the consideration therefor has been paid to the trustee and the life tenant in conformity with the previous order of the court, it shall approve the lease and confirm the sale thereof, whereupon the lessee shall become vested with the leasehold interest in and to the oil, gas, and other minerals in, on, and under the lands, free and clear of any limitations, restrictions, or conditions imposed upon the lands in the grant or will under which the life tenant acquired title to the lands, and free and clear of any present or future claim of any person or persons asserting or attempting to assert a reversional or remainder interest therein on account of the deed or will, and subject only to the conditions imposed by the lease.