South Dakota Codified Laws 43-30B-3. Declaration of trust in favor of unlocated or unidentified mineral owner–Appointment of trustee
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If the court determines the petitioner meets the burdens provided for in § 43-30B-2, the court shall declare a trust in favor of the unlocated or unidentified mineral owner, shall appoint the county treasurer or another person or entity as trustee of the trust, and shall authorize the trustee to execute and deliver a mineral lease, a ratification, a division order, or any other related document or instrument on such terms and conditions as the court may approve. The county treasurer may decline to act as the trustee and in such event the court shall appoint an alternate trustee. The court may issue other appropriate orders upon request of the petitioner or trustee.
Terms Used In South Dakota Codified Laws 43-30B-3
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Person: includes natural persons, partnerships, associations, cooperative corporations, limited liability companies, and corporations. See South Dakota Codified Laws 2-14-2
- Trustee: A person or institution holding and administering property in trust.
Source: SL 2013, ch 223, § 3; SL 2017, ch 189, § 3.