57-223 Oil and gas leases; trustee for remaindermen; execute when authorized by court; procedure. - Nebraska Statutes

57-223. Oil and gas leases; trustee for remaindermen; execute when authorized by court; procedure.The trustee shall have the power and authority, subject to approval of the county court of the county where the land is located, to make valid oil and gas leases, pooling or unitization contracts, and other mining leases, upon the lands, for a term not to exceed ten years, and as long thereafter as oil, gas, or other minerals may be produced in paying quantities. The procedure to obtain such authority shall be substantially the same as the procedure provided under sections 57-211 and 57-212. The bonus and rentals therefrom shall be paid to the life tenant or other person entitled thereto. SourceLaws 1951, c. 187, § 2, p. 694; Laws 1955, c. 216, § 2, p. 607; Laws 1959, c. 259, § 2, p. 896; Laws 1972, LB 1032, § 264.