(a) A lease executed by a receiver, when acknowledged and delivered, shall be binding on all parties subject only to approval or rejection by the court as herein provided.
(b) Not later than thirty (30) days after making the lease, the receiver shall report the making of the lease to the court. If it shall appear to the court that the consideration for the lease was fair and equitable at the time the consideration was made, the court shall approve the consideration and the lease shall be binding as though executed by the various owners and their spouses.
Structure Arkansas Code
Title 15 - Natural Resources and Economic Development
Subtitle 5 - Mineral Resources Generally
Chapter 56 - Mineral Lands And Interests
Subchapter 3 - Leases Generally
§ 15-56-301. Multiple owner authority to lease mineral lands — Mineral defined
§ 15-56-302. Summons — Validity of lessee's title
§ 15-56-303. Parties in interest — Right to appear or intervene
§ 15-56-304. Petition to lease or operate — Parties defendant
§ 15-56-305. Receiver — Disposition of proceeds
§ 15-56-306. Reporting and approval of leases
§ 15-56-307. Sale of land or mineral rights — Lease unaffected
§ 15-56-308. Discharge of receiver — Accounting
§ 15-56-309. Execution of agreements subsequent to discharge of receiver
§ 15-56-310. In rem proceedings against unleased interest in minerals