45.1-161.311:3 - Petition to establish a trust for missing coal owners - Virginia Statutes

§ 45.1-161.311:3. Petition to establish a trust for missing coal owners.

A. Any person or persons or lessee with greater than 50 percent interest incoal on a particular tract, who is seeking to impress a trust upon unknown ormissing owners of such tract of coal, may petition the circuit court in thecounty or city containing the majority of the tract to establish a trust toprotect the interests of all coal owners and lessees.

B. The petition shall:

1. List all known owners, missing owners and unknown interests and set forththe efforts to locate and identify the unknown or missing owners of theinterests in the tract of coal and such other information known to thepetitioner that may be helpful in identifying or locating the present ownersthereof; and

2. Include the proposed terms of a lease to be offered to the trust, whichlease shall be typical of other arms-length leases in the area.

C. The petitioner shall establish to the satisfaction of the court that adiligent effort has been made to identify and locate the present owners ofsuch interests.

(2003, c. 775.)