(a) Where the claim of the State of Arkansas to any land conveyed to the Bank of the State of Arkansas under and by virtue of the Acts of the General Assembly of January 31, 1843, and February 3, 1843, providing for the liquidation of the assets of the bank, and the Acts of January 4, 1845, and January 10, 1845, authorizing the officers of the bank to compromise debts due the bank and to take property in payment of the debts, and the Act of December 23, 1846, vesting the title in the State of Arkansas to all property so conveyed to the bank, conflicts with the title of any person who, together with those under whom he or she claims and from whom he or she deraigns title either by deed, devise, or inheritance, has been in continuous possession and paying the taxes assessed against the land for more than forty (40) years prior to the passage of this section, the State of Arkansas relinquishes its title to the land in favor of the occupant and claimant thereof.
(b) When the owner or occupant shall present to the Commissioner of State Lands satisfactory proof that he or she and those under whom he or she claims and from whom he or she deraigns title have been in continuous possession of the land for a period of forty (40) years or have continuously paid the taxes thereon for a period of forty (40) years under color of title, it is the duty of the Commissioner of State Lands to execute to the owner, occupant, or claimant a quitclaim deed conveying to him or her all the title and interest of the State of Arkansas in the land, upon payment of a fee of five dollars ($5.00).