Nebraska Statutes 57-222. Oil and gas leases; life tenant; trustee for remaindermen; appointment
In any case where, by will, deed, or other instrument, title to real estate is in a tenant for life or other person having the right to the use thereof and income therefrom, with the remainder interest left to one or more contingent remaindermen, so that it is impossible to determine until the death of the life tenant or the future happening of some other determining event, who the contingent remaindermen will be or what interest, if any, the various contingent remaindermen will take, the county court of the county in which the real estate is located, upon the application of the life tenant, or any other person having a vested or contingent interest in the real estate, shall have jurisdiction and authority to appoint a trustee under proper bond, over the real estate, for the purpose of leasing the land or entering into pooling or unitization contracts for oil and gas developing purposes.
Source
- Laws 1951, c. 187, § 1, p. 693;
- Laws 1955, c. 216, § 1, p. 606;
- Laws 1972, LB 1032, § 263.
Terms Used In Nebraska Statutes 57-222
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
- Trustee: A person or institution holding and administering property in trust.