• New Legislation-Extended Prescriptive Period for Mineral Rights Reserved in Economic Development Cooperative Endeavors
  • June 11, 2014 | Authors: Lauren L. Gardner; Thomas G. Smart
  • Law Firm: Onebane Law Firm APC - Lafayette Office
  • In its recent session, the Louisiana legislature passed Senate Bill 570, now Act No. 473, which adds to already existing La. R.S. 31:149 (Mineral Code article 149 deals with imprescriptible mineral rights), to provide for a twenty (20) year prescription period of nonuse for any mineral right that is reserved by a person in an instrument where land is acquired by an acquiring authority or other person, as part of an economic development project pursuant to a cooperative endeavor agreement between the acquiring authority and the State through the Department of Economic Development, as evidenced in a certification attached to the instrument by which the land is acquired.