Nevada Revised Statutes 321.300 – Contractors and patentees deemed to have right to exclusive possession or fee simple title, including all gas, coal, oil and oil shales, subject to royalty payments
1. Every person who entered into a contract with the State of Nevada for the purchase of any trust lands of the State of Nevada before July 3, 1997, or his or her heirs, assigns or lawful successors, and every patentee of trust lands purchased from the State of Nevada, shall, subject to the royalty provided for in subsection 3, be deemed and held to have the right to the exclusive possession of the lands described in the contract or patent, including all gas, coal, oil and oil shales that may exist in those lands.
Terms Used In Nevada Revised Statutes 321.300
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
- person: means a natural person, any form of business or social organization and any other nongovernmental legal entity including, but not limited to, a corporation, partnership, association, trust or unincorporated organization. See Nevada Revised Statutes 0.039
2. Every person who has received or is entitled to receive a patent from this State granting to the person any of those lands, or his or her heirs, assigns or lawful successors shall, subject to the royalty provided for in subsection 3, be deemed to have the fee simple title to the lands described in the patent, including all gas, coal, oil and oil shales which may exist therein.
3. Any person described in subsection 1 or 2 shall pay to the State of Nevada for the fund which was the original beneficiary of those lands a royalty of 5 percent of the net proceeds of all gas, coal or oil mined or extracted therefrom.
4. The provisions of this section do not impair any rights acquired before July 1, 1921, pursuant to existing laws to any of those lands or rights therein.