MS SB3093

Requires owners of severed mineral interests (minerals owned separately from surface property) to register a verified statement with the county chancery clerk by January 1, 2011, including property legal description and reference to the creating instrument.

Exempts the United States, State of Mississippi, and American Indian tribes or bands owning reservation lands from registration requirements.

Unregistered mineral interests forfeit to the state unless the owner demonstrates substantial compliance, which requires either clear chancery clerk records of ownership or ongoing legal proceedings, plus timely payment of all applicable taxes.

Allows former owners to recover fair market value of forfeited interests either during the forfeiture hearing or in a separate action filed within six years after judgment.

Mineral interests already valued and taxed under other state tax laws are exempt from forfeiture, unless valued but not taxed.