§ 15-56-305 — Receiver - Disposition of proceeds

(a) Upon the filing of the petition, the circuit court shall appoint a receiver, who shall be authorized to negotiate for and to execute, acknowledge, and deliver a lease on mineral lands or severed mineral interests for a cash, commodity in kind, or tonnage royalty, as is the customary manner, and terms for the product, for the best interest of, or compensation to, the parties holding thereunder, and to collect, divide, and pay over the proceeds, secured for the leases, pro rata to and among owners, as their interests may appear. (b) Any rents, bonus money, royalties, or other proceeds that may accrue to any unknown persons shall be paid by the receiver into the registry of the clerk of the court to be held by the clerk, and any bond of the receiver shall be eliminated thereby.

Legislative History

Acts 1937, No. 220, § 6; Pope's Dig., § 11200; Acts 1963, No. 85, § 6; A.S.A. 1947, § 52-206.