Administrators and executors of the estates of deceased persons, trustees of trust estates, conservators of estates of persons unfit by reason of infirmities of age or physical disability, and the guardians of estates of minors and incompetent persons are hereby authorized to enter into contracts with pipeline companies, corporations, individuals, partnerships, or limited liability companies for the construction, operation, and maintenance of pipelines for the transmission of oil or gas and to sell and dispose of an easement under the contract for such purposes, upon and across the lands, or any interest therein, belonging to the estates of deceased persons, beneficiaries of a trust, estates of persons unfit by reason of infirmities of age or physical disability, and estates of minors and incompetents, upon such terms and conditions that the administrators, executors, trustees, conservators, or guardians of such persons may deem reasonable and equitable, and for the best interest of the estates of deceased persons, minors, persons unfit by reason of infirmities of age or physical disability, and incompetents and the beneficiaries of a trust.

Source

Terms Used In Nebraska Statutes 57-401

  • Contract: A legal written agreement that becomes binding when signed.
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
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