A court case was filed in 1944 to determine who owns the minerals in a tract of land in Montana, the case was kept open and information was added to case until 1964 when the case went silent until 2012 when an heir of one of the many defendant's in the case has come forward to claim the production monies that the court has held in trust since 1964. My question is, their is interest monies that have accrued from this court trust after all these years of the court holding these unlocatable mineral interests production payments? What is suppose to happen to the interest off the trust funds. Does a defendant who is awarded monies as an heir get interest monies too?
The question of interest may not be as significant as you might think. Trustees are not necessarily investment wizards. I am aware of one instance where the trust of $4k had grown by $12 over a period of 5 years. I'm working to get that unlocatable mineral owner trust vacated but was surprised the money wasn't making at least bank CD rates.
Sorry for not dotting the i's and crossing the Tees. The amount of monies is around one half million dollars held by court for unlocatable mineral owners. Does anyone know if any interest is made on principal ( production monies put into trust), who gets the interest money? how is it divided out? Does part of it go back into the Trust held by court, what is the law on maintaining these trusts held by court. This trust has had monies for 50 years!
Dennis, your best information in this matter is going to be directly from the court appointed trustee, whoever that is, it's their job. If the law does not state who the trustee would be, I would ask the court who the trustee is.
In ND, the county treasurer in the county in which the minerals exist is by law the trustee. Whether it's the same in Mt or the court appoints someone at their discretion, a call to the court should provide the name of the trustee. The trustee should answer your questions and I hope the answers you receive are not disappointing.
R W
The Clerk of Court is the Trustee in this case. New to the job so......... I'm looking into the matter locally .......
Dennis, all I can say is Ouch! If the trustee does not know, it being their job to know, who does one ask? If they were showing an effort to get on top of the matter I would be patient but if they are just ignoring you, I'd have my lawyer ask.
Thanks r w