{"data":{"id":"us-ky/krs-353.464","jurisdiction":"us-ky","citation":"KRS 353.464","heading":"When court may declare trust and appoint trustee -- Persons authorized to","body":"institute proceedings.\n(1) If the title to any severed mineral interest is vested in an unknown or missing owner\nand it appears that the development of the minerals will be adva ntageous to the\nowner, the Circuit Court of the county in which the minerals or the major portion\nthereof lies shall have the power to declare a trust therein, appoint a trustee for the\nunknown or missing owners and authorize the trustee to sell, execute a nd deliver a\nvalid lease thereon on terms and conditions customary in the area for the minerals\ncovered thereby and similarly situated. The lease shall continue in full force and\neffect after the termination of the trust unless the lease has previously exp ired by its\nown terms.\n(2) Proceedings for the appointment of a trustee may be instituted by any person:\n(a) Vested in fee simple with the surface estate overlying the particular minerals\nsought to be developed;\n(b) Vested in fee simple with an undivided i nterest in the particular minerals\nsought to be developed;\n(c) Vested in fee simple with the entire interest in the particular minerals sought\nto be developed under lands immediately adjacent and contiguous to those\nlands under which the same minerals are vested in unknown or missing\nowners; or\n(d) Vested with a valid and subsisting mineral lease, the lessor of which is a\nperson defined under either paragraph (b) or (c) of this subsection.","path":["KRS Chapter 353"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33097","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:39Z","sha256":"5e6e99936ee968effe9cb99355f68132ee6cb6d3752b1791a0980626220af8d1","source_id":"us-ky","stale":false,"prev":"us-ky/krs-353.462","next":"us-ky/krs-353.466"},"notice":"GroundRules: Original legal text. Not legal advice."}