A. Any person or persons or lessee with greater than 50 percent interest in coal on a particular tract, who is seeking to impress a trust upon unknown or missing owners of such tract of coal, may petition the circuit court in the county or city containing the majority of the tract to establish a trust to protect the interests of all coal owners and lessees.
1. List all known owners, missing owners and unknown interests and set forth the efforts to locate and identify the unknown or missing owners of the interests in the tract of coal and such other information known to the petitioner that may be helpful in identifying or locating the present owners thereof; and
2. Include the proposed terms of a lease to be offered to the trust, which lease shall be typical of other arm’s-length leases in the area.
C. The petitioner shall establish to the satisfaction of the court that a diligent effort has been made to identify and locate the present owners of such interests.
History
2003, c. 775.
