45.1-161.311:5 - Court may declare trust; trustee sale of lease - Virginia Statutes

§ 45.1-161.311:5. Court may declare trust; trustee sale of lease.

A. If, upon presentation to the circuit court of the petition, it appears tothe court that development of the interests in the tract of coal will beadvantageous to the unknown or missing owners, the court shall declare atrust in the coal interests, and shall appoint a trustee for such interests.The court shall authorize the trustee to execute a lease covering the coalinterests in the identified tract of coal. The order of the court shallprovide for all the terms and provisions of the lease that the trustee isauthorized to make.

B. The trustee shall proceed in compliance with the provisions of the orderto execute the lease, and after executing the lease shall submit a reportthereof to the court.

C. The court shall not authorize a trustee's lease upon the coal interests ofany owner whose identity and whereabouts is known, or can be ascertained, oris discovered as a result of the action brought under this article. Any suchowner may intervene as a matter of right at any time prior to the judgmentapproving the trustee's lease, for the purpose of establishing his title tothe coal interests. If the coal owner's claim is established to thesatisfaction of the court, the court shall dismiss the action at plaintiff'scost.

(2003, c. 775.)