§ 15-73-309 - Binding conveyances by reversioner or remaindermen to life tenant or his or her lessee. - Arkansas Statutes

15-73-309. Binding conveyances by reversioner or remaindermen to life tenant or his or her lessee.

Whenever a life estate in lands has been in existence for thirty (30) years and oil has been produced from such lands for twenty (20) years under an oil and gas lease or leases executed by a life tenant, to whom the creator of the life estate had subsequently conveyed or attempted to convey his or her remaining interest in the land, and where all of the contingent remaindermen in esse at the time of the initial production of such oil have attempted to convey their interests by warranty deeds to the life tenant, or have executed and delivered, either in person or by guardian, an oil and gas lease or leases covering the lands to the life tenant's lessee, then, and in that event, all warranty deeds and all oil and gas leases shall be binding upon all contingent remaindermen who executed the warranty deed or deeds, or who executed the oil and gas lease or leases, whether in person or by guardian, upon their heirs and assigns, and upon all persons who heretofore have become or hereafter might become contingent remaindermen, to the same extent and with like effect as though the remainders had been vested at the time of the execution of the warranty deed or deeds and the oil and gas lease or leases. Where all of the contingent remaindermen in esse at the time of the initial production of oil shall have heretofore or hereafter conveyed or attempted to convey their interest in the land to the life tenant, then, and in that event, the fee title to the land shall be deemed vested in the life tenant free from any and all contingent remainders.