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90_HB3343
765 ILCS 515/9 from Ch. 96 1/2, par. 9209
Amends the Severed Mineral Interest Act by making a
technical change in the Section concerning the termination of
the lease.
LRB9007019KDmg
LRB9007019KDmg
1 AN ACT to amend the Severed Mineral Interest Act by
2 changing Section 9.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Severed Mineral Interest Act is amended
6 by changing Section 9 as follows:
7 (765 ILCS 515/9) (from Ch. 96 1/2, par. 9209)
8 Sec. 9. (a) Regardless of whether there has been
9 production of the severed mineral interest, if the owners of
10 the severed mineral interests that which are the subject of a
11 trustee's lease executed and delivered in accordance with
12 this Act remain unknown or missing for a period of 7 years
13 from the date of entry of the initial judgment authorizing a
14 lease, the trustee shall file a motion with the court on or
15 before the eighth anniversary of the date of the lease naming
16 the then present surface owners as additional parties
17 defendant and requesting the surface owners to appear and
18 present proof to the satisfaction of the court that they are
19 vested with fee simple title to the surface estate. Upon a
20 finding by the court that the surface estate is vested in fee
21 simple in the surface owners, the court shall order the
22 trustee to convey to the surface owners by recordable
23 instrument the unknown or missing owners' interest in the
24 severed mineral interests, which conveyance shall be approved
25 by endorsement by the court on the face thereof.
26 (b) The trustee shall pay to the surface owner the
27 remaining balance in the depository which has accrued to the
28 credit of such severed mineral interests to the date of his
29 final report after payment of all allowable fees, taxes,
30 expenses and court costs including a fee to be paid to the
31 trustee in an amount determined by the court.
-2- LRB9007019KDmg
1 (c) From and after the date of the conveyance from the
2 trustee to the surface owners executed and delivered in
3 accordance with subsection (a) of this Section the surface
4 owners shall be entitled to receive all proceeds from the
5 lease of such severed mineral interests.
6 (d) Upon the delivery of the conveyance directed in
7 subsection (a) of this Section, and after the payment as
8 directed in subsection (b) of this Section the trustee shall
9 make his final report to the court, and upon approval
10 thereof, the court shall order the trust terminated and the
11 trustee and his bond discharged.
12 (Source: P.A. 83-571.)