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2003 SESSION

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SB 1308 Establishing trust for coal interests.

Introduced by: Phillip P. Puckett | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED: (all summaries)

Establishing trust for coal interests. Authorizes persons owning a majority interest in a tract of coal to petition the circuit court to establish a trust in those instances when not all the owners of the tract can be located or the owners are known but are unwilling to mine the coal. The proceeds of the leased coal will be placed in a trust and in the case of unknown owners held for five years and then disbursed under provisions of the Uniform Disposition of Unclaimed Property Act. For known owners unwilling to develop the coal, a trustee is empowered to escrow the proceeds of the lease until such time as the minority owner's claim is established to the satisfaction of the court.


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