Arkansas § 15-56-403 - Petition to lease by life tenant — Contents.

§ 15-56-403. Petition to lease by life tenant — Contents.

Whenever any life tenant shall desire to lease any land for the production of any minerals, other than oil and gas, he or she shall file a verified petition with the circuit court of the county in which the lands, or the greater part of the lands, may be situated, praying for authority to execute a lease. A certified copy of the will or conveyance under which he or she claims shall be attached to the petition. The life tenant shall make as parties respondent to the petition all persons then in being who under the terms of the will or grant would become vested with title to the lands or any interests therein should the death of the life tenant occur on the date of the filing of the petition. The petition shall set forth: The description of the land; From whom the petitioner acquired his or her title; The nature and kind of minerals, other than oil and gas, to be covered by and included in the lease; The name of the proposed lessee; The true consideration for the lease; The nature and amount of the royalty proposed to be reserved therein; and A general statement as to the provisions of the proposed lease. The petition shall pray: For authority to execute the lease; That the court award the life tenant with title to the proportion of the royalties reserved in the lease and which may accrue under the lease, not exceeding one-half (½) of the royalties, together with a part of the bonus consideration paid therefor and delay rentals, if any, payable under the lease, and any other payments provided for in the lease, as the court shall determine is fair compensation to the life tenant for the lease upon his or her interest in the premises and as damages to the life estate by the use of the surface of the lands in the exploration for and production of the minerals therefrom; and For the appointment of a trustee to receive and hold moneys, rents, and royalties that accrue to the contingent remainder estate under the lease.