45.1-161.311:6 - Duty of trustee; sale of lease; distribution of funds - Virginia Statutes

§ 45.1-161.311:6. Duty of trustee; sale of lease; distribution of funds.

A. The trustee shall collect the proceeds from the sale of the lease and holdand invest such proceeds for the use and benefit of the unknown or missingowners. The court may authorize the trustee to expend an amount not to exceed10 percent of the funds collected by the trustee for the purpose of searchingfor the unknown or missing owners.

B. Five years after the date of first commercial production of the coalinterests the proceeds in the trust shall be disposed of pursuant to theUniform Disposition of Unclaimed Property Act (§ 55-210.1 et seq.).

(2003, c. 775.)