§ 15-56-405 - Court order -- Disposition of royalties.
15-56-405. Court order -- Disposition of royalties.
(a) If the court after hearing as provided in 15-56-404 shall determine that the lease should be executed, the judge shall enter an order authorizing the life tenant to execute the lease.
(b) The court shall further:
(1) Fix and determine the part of the bonus consideration paid for the lease; the delay rentals, if any, payable under the lease; other payments, if any, other than royalties provided for in the lease, which shall be allowed the life tenant; and the portion of the royalties reserved in the lease and that may accrue under the lease which shall be allowed the life tenant. In so doing, the court may allow the life tenant all or any part of the bonus consideration paid for the lease, the delay rentals, if any, payable under the lease, and other payments, if any, other than royalties, payable under the lease, but not more than one-half (1/2) of the royalties reserved in and which may accrue under the lease. The order of the court, upon the approval and confirmation of the lease, as provided in 15-56-407, shall vest in the life tenant title to such part of the bonus consideration paid for the lease and delay rentals, if any, and title to other payments, if any, provided for in the lease, other than royalties, as are allowed to the life tenant and shall vest title to such proportionate part of the royalties reserved in and which may accrue under the lease as are allowed to the life tenant, free and clear of any limitations, conditions, and restrictions imposed by the will or deed by which the petitioner acquired title and free and clear of any present or future claim of any persons asserting or attempting to assert a reversional or remainder interest therein on account of the deed or will. However, any interest allowed the life tenant in the royalties reserved in or accruing under the terms of the lease shall expire upon the termination of the lease;
(2) Appoint some suitable person as trustee for the benefit of the contingent remaindermen and reversioners and require that the trustee shall execute bond in a sum the court deems proper, which bond shall be approved by the court;
(3) Direct and authorize the life tenant, after the filing of the bond by the trustee and its approval by the court, to execute to the lessee a mineral lease covering the lands, which lease shall reserve a royalty in kind, quantity, or amount approved by the court; and
(4) Make further orders in the premises as seem equitable and just.