(a) A co-owner or coheir of land may execute an act of timber sale whereby he or she sells his or her undivided interest in the timber, and any condition imposing a time period within which to remove the timber shall commence from the date of its execution.
(b)
(1) A buyer may purchase the timber from unknown or unlocatable co-owners or coheirs of land and may remove the timber without the consent of the unknown or unlocatable co-owners or coheirs when:
(A) At least sixty percent (60%) of the ownership interest in the land has consented;
(B) He or she has made a diligent search and inquiry for any unknown or unlocatable co-owners or coheirs, including publishing a notice in a newspaper of general circulation in the county in which the property is located in accordance with subdivision (b)(2) of this section, and after diligent search and inquiry, he or she is unable to ascertain and locate any other co-owners or coheirs; and
(C)
(i) He or she has filed with the circuit clerk of the county in which the property is located a record of his or her diligent search and inquiry, together with a certificate of affirmation under the penalties of perjury that the facts stated therein are within his or her personal knowledge and are true, for which the circuit clerk may charge the same fees as are allowed by law for similar services.
(ii) The circuit clerk shall maintain these records for a period of five (5) years.
(2)
(A) The notice required by this section shall be published weekly for two (2) consecutive weeks in a newspaper having general circulation in the county in which the land is located, the last date of publication being not more than forty (40) nor less than twenty (20) days from the date on which timber may be removed from the property pursuant to a proposed contract.
(B) The notice shall contain:
(i) A description of the real property on which the timber is located;
(ii) The names and addresses of the known owners;
(iii) The names and addresses of the potential buyers;
(iv) A statement that the potential buyers and the known owners of the property intend to enter into a contract for the removal of timber from the land described;
(v) The date on which timber, pursuant to the intended contract, may be removed from the land;
(vi) The name and address of the person to whom an unknown owner may make his or her interest known; and
(vii) A statement that any unknown owner must make his or her interest known before the date that timber may be removed from the land pursuant to the intended contract.
(3) A buyer who does not conduct a diligent search and inquiry shall be liable in treble damages to any alleged unknown or unlocatable owners or heirs.
(4) A buyer who knows and locates but does not contract with a co-owner or coheir shall be liable in treble damages to the alleged unknown and unlocatable co-owner or coheir.
(c)
(1) A co-owner or coheir of the land who does not consent to the exercise of such rights has no liability for the cost of timber operations resulting from the sale of the timber and shall receive from the buyer the same price which the buyer paid to the other co-owners or coheirs.
(2) The consenting co-owners or coheirs shall agree to indemnify and hold harmless the nonconsenting co-owners or coheirs for any damage or injury claims which may result from such operations.
(d)
(1) If the nonconsenting co-owner or coheir fails or refuses to claim his or her portion of the sale price of the timber, the buyer shall transmit to the clerk of the circuit court for deposit into the registry of the circuit court that portion of the sales price, there to be held in escrow for and on behalf of the nonconsenting co-owner or coheir, and any interest or other income earned by the funds shall inure to the benefit of the co-owner or coheir.
(2) Any of the funds not claimed within seven (7) years after deposit into the registry of the circuit court shall escheat to the county from which the timber was severed.
(e) Failure to comply with the provisions of this section shall constitute prima facie evidence of the intent to commit theft of the timber by the buyer.