{"data":{"id":"us-ky/krs-353.470","jurisdiction":"us-ky","citation":"KRS 353.470","heading":"When trustee may convey title in mineral interest to surface owner --","body":"Payment to surface owner -- Final report of trustee -- Termination of trust.\n(1) If the severed mineral interests which are the subject of a trustee's lease executed\nand delivered in accordance with KRS 353.468(3) are produced commercially, and\nthe owners of the severed mineral interests remain unknown or missing for a period\nof seven (7) years from the date of first production under the lease, the trustee shall\nfile a motion with th e court naming the then present surface owners as additional\nparties and require the surface owners to appear and present proof to the satisfaction\nof the court that they are vested with fee simple title to the surface estate.  Upon a\nfinding by the court that the surface estate is vested in fee simple in the surface\nowners, the court shall order the trustee to convey to the surface owners by\nrecordable instrument the unknown or missing owners' interest in the severed\nmineral interests, which conveyance shall be approved by endorsement by the court\non the face thereof.\n(2) The trustee shall pay to the surface owners the funds which have accrued to the\ncredit of the severed mineral interests to the date of his final report after payment of\nall allowable fees, expenses and court costs including a fee to be paid to the trustee\nin an amount determined by the court.\n(3) From and after the date of the conveyance from the trustee to the surface owners\nexecuted and delivered in accordance with subsection (1) of this section, the surface\nowners shall be entitled to receive all proceeds of production attributable to the\nsevered mineral interests.\n(4) Upon the delivery of the conveyance directed in subsection (1) of this section, and\nafter the payment as directed in subsection (2) of this section, the trustee shall make\nhis final report to the court, and upon approval thereof, the court shall order the trust\nterminated and the trustee and his bond discharged.","path":["KRS Chapter 353"],"source_url":"https://apps.legislature.ky.gov/law/statutes/statute.aspx?id=33100","current_through":"Includes enactments through the 2026 Regular Session","vintage":"09/05/2026","retrieved_at":"2026-09-05T20:58:39Z","sha256":"b35755897d7df2bb980de7c0c85f0c89183e049fffc03f86af51268194763e1a","source_id":"us-ky","stale":false,"prev":"us-ky/krs-353.468","next":"us-ky/krs-353.472"},"notice":"GroundRules: Original legal text. Not legal advice."}