Arkansas Code Title 15, Subtitle 6, Chapter 73, Subchapter 3 - Leases by Life Tenants

• § 15-73-301 - Leases by Persons Invested With Life Estate.
  Whenever any land in this state may hereafter be, or shall have heretofore been, devised by will or conveyed by grant to any person...
• § 15-73-302 - Petition to Lease by Life Tenant -- Contents.
  Whenever any life tenant shall desire to lease any land for the production of oil and gas, he or she shall file a verified...
• § 15-73-303 - Hearing on Lease Execution.
  (a) The circuit court shall consider the petition, and may, in its absolute discretion, require that other persons as it deems proper be made...
• § 15-73-304 - Court Determinations, Orders, and Appointments.
  If the circuit court after the hearing shall determine that the lease should be executed, it shall enter an order authorizing the life tenant...
• § 15-73-305 - Court Approval of Lease and Confirmation of Sale.
  (a) After the trustee shall have executed the bond required by the circuit court, the life tenant shall execute and present to the court...
• § 15-73-306 - Trustee.
  (a) The trustee shall be under the continuing control of the circuit court.(b) The court may remove the trustee at will, and on the...
• § 15-73-307 - Divestiture of Contingent Remaindermen's Title.
  The order of the court fixing the proportionate part of the minerals allowed to the life tenant as compensation for damages, and the order...
• § 15-73-308 - Expiration, Forfeiture, or Cancellation of Lease -- New Lease.
  If any lease executed under the provisions of this subchapter shall forfeit, expire, become cancelled, or be rescinded before the death of the life...
• § 15-73-309 - Binding Conveyances by Reversioner or Remaindermen to Life Tenant or His or Her Lessee.
  Whenever a life estate in lands has been in existence for thirty (30) years and oil has been produced from such lands for twenty...

Last modified: November 15, 2016