MS SB2139

Requires owners of severed mineral interests in Mississippi to register with their county chancery clerk by January 1, 2014, providing verified statements with owner address, interest description, legal property description, and reference to the creating instrument.

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

Forfeits unregistered mineral interests to the state after notice and hearing, unless the owner demonstrates substantial compliance through chancery clerk records showing true ownership or timely-pursued legal proceedings, plus payment of all applicable taxes.

Allows persons claiming ownership before forfeiture to recover fair market value either during the forfeiture hearing or in a separate action brought within six years after judgment.

Does not apply forfeiture to mineral interests already valued and taxed under other state tax laws for minerals, gas, coal, or oil, provided taxes are imposed and no tax forfeiture is complete.