North Dakota Code 38-10-14 – Disposition of income and royalties
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All bonuses, rental payments and royalties from such leases must be paid to the trustee until the lessee is furnished with notice of the termination of the trust. Any bonuses or rental payments must be distributed by the trustee to the life tenant or other persons entitled thereto. The trustee is authorized to invest royalties from such leases in such investments as may appear to be in the best interests of the life tenant and remaindermen. Income from investments must be paid to the life tenant or other person entitled thereto.
Terms Used In North Dakota Code 38-10-14
- Person: means an individual, organization, government, political subdivision, or government agency or instrumentality. See North Dakota Code 1-01-49
- Trustee: A person or institution holding and administering property in trust.