1. Every person who entered into a contract with the State of Nevada for the purchase of any trust lands of the State of Nevada before July 3, 1997, or his or her heirs, assigns or lawful successors, and every patentee of trust lands purchased from the State of Nevada, shall, subject to the royalty provided for in subsection 3, be deemed and held to have the right to the exclusive possession of the lands described in the contract or patent, including all gas, coal, oil and oil shales that may exist in those lands.
2. Every person who has received or is entitled to receive a patent from this State granting to the person any of those lands, or his or her heirs, assigns or lawful successors shall, subject to the royalty provided for in subsection 3, be deemed to have the fee simple title to the lands described in the patent, including all gas, coal, oil and oil shales which may exist therein.
3. Any person described in subsection 1 or 2 shall pay to the State of Nevada for the fund which was the original beneficiary of those lands a royalty of 5 percent of the net proceeds of all gas, coal or oil mined or extracted therefrom.
4. The provisions of this section do not impair any rights acquired before July 1, 1921, pursuant to existing laws to any of those lands or rights therein.
[1:172:1921; NCL § 5545] + [2:172:1921; NCL § 5546] — (NRS A 1997, 966)