Montana Statutes
§ 82-1-305 — Trust For Unlocatable Mineral, Leasehold, And Royalty Interest Owners -- Penalty
Montana·Title 82 MINERALS, OIL, AND GAS·Ch. 1 GENERAL PROVISIONS·Part 3 Trusts for Unlocatable Mineral Owners
82-1-305 . Trust for unlocatable mineral, leasehold, and royalty interest owners -- penalty.
(1)A person may not personally hold for longer than 6 months any bonuses, rental payments, royalties, or other income for unlocatable owners or claimants of an interest in minerals underlying a tract of land. Within the 6-month period, the person shall petition the district court for creation of a trust, as provided in 82-1-302 .
(2)A person failing to comply with subsection (1) is liable for all attorney fees and court costs and interest on funds subject to subsection (1) at twice the current average passbook account rate paid by financial institutions in any district in which the property or part of the property is located.
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Montana § 82-1-305 (Trust For Unlocatable Mineral, Leasehold, And Royalty Interest Owners -- Penalty) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
En. Sec. 4, Ch. 513, L. 1979; amd. Sec. 3, Ch. 126, L. 1997.
Nearby Sections
15
§ 82-1-101
Persons Required To Comply§ 82-1-103
Notice Of Intention To Explore§ 82-1-105
Exploration Permit§ 82-1-108
Filing Record Of Work Performed§ 82-1-109
Enforcement By County Attorneys§ 82-1-110
Penalty§ 82-1-111
Definitions§ 82-1-203
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