A. The trustee shall collect the proceeds from the sale of the lease and hold and invest such proceeds for the use and benefit of the unknown or missing owners. The court may authorize the trustee to expend an amount not to exceed 10 percent of the funds collected by the trustee for the purpose of searching for the unknown or missing owners.
B. Five years after the date of first commercial production of the coal interests, the proceeds in the trust shall be disposed of pursuant to the Virginia Disposition of Unclaimed Property Act (§ 55.1-2500 et seq.).
2003, c. 775, § 45.1-161.311:6; 2021, Sp. Sess. I, c. 387.
Structure Code of Virginia
Title 45.2 - Mines, Minerals, and Energy
Chapter 6 - Coal Mining Property, Interests, Adjacent Owners, and Dams
§ 45.2-600. Consent required before working mine near land of another
§ 45.2-601. Adjacent owner to be permitted to survey mine; proceedings to compel entry for survey
§ 45.2-602. Petition to establish a trust for missing coal owners
§ 45.2-603. Advertisement upon filing of petition
§ 45.2-604. Court may declare trust; trustee sale of lease
§ 45.2-605. Duty of trustee; sale of lease; distribution of funds
§ 45.2-606. Payment of attorney fees, expenses, and court costs
§ 45.2-609. Interruption of public uses; proclamation of emergency; seizure
§ 45.2-610. Additional powers of Governor to operate seized properties
§ 45.2-612. Negotiating purchase or lease of coal properties
§ 45.2-613. Proceedings for condemnation
§ 45.2-614. Expense of acquiring and operating coal property; funds derived from operation
§ 45.2-615. Restoration of property to owner or operator