§ 9-5-205 — Will contests; powers and duties of state treasurer and attorney general

(a) The state treasurer and the attorney general shall
investigate and examine all contests against any will, grant or
gift in which the state is a devisee, legatee, beneficiary or
grantee for the purpose of ascertaining and becoming advised as
to the merits of the contentions of the contestant and the
probability or improbability of the contests being successful.
After investigation and examination, the state treasurer and
attorney general shall consider and determine the advisability
of compromising and settling the contests on behalf of the state
and consider and determine the terms upon which the contests
should be settled and compromised. If the state treasurer and
the attorney general deem it to be in the best interests of the
state that the contests be settled and compromised, then they
may settle and compromise the contests upon terms deemed to be
the best interests of the state. The attorney general may enter
into and execute, on behalf of the state, agreements or
contracts compromising and settling the contests and defining
and fixing the terms thereof.
(b) The state treasurer shall:
(i) Receive, take charge of and administer all
personal chattels received by the state as a devisee, legatee,
beneficiary, grantee or by escheat;
(ii) Convert the same by sale, foreclosure, legal
process or otherwise into money; and
(iii) Credit the monies to the funds for which the
monies were directed and intended in the grant, gift or devise.
When not otherwise directed by the terms of the grant, gift or
devise, the monies shall be credited to the common school
permanent land fund account.