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Indiana Code Title 32. Property § 32-23-13-7

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 7. (a) The court shall receive evidence and hear testimony concerning:

(1) the matters in the adjacent mineral producer's petition;  and

(2) the prevailing terms of similar mineral leases of the type sought by the petitioner obtained in the vicinity of the land in the petition, including the length of the lease term, bonus money, delay rentals, royalty rates, and other forms of lease payments.

(b) If the court determines that the material allegations of the petition are true and that there has been compliance with the required notice provisions, the court:

(1) shall enter an order determining the interest of each respondent in the mineral interest sought to be leased;  and

(2) may:

(A) declare a trust in the mineral interest of the unknown or missing owner;

(B) appoint, without a bond, a trustee for the unknown or missing owner;  and

(C) authorize the trustee to execute a valid mineral lease:

(i) with the adjacent mineral producer concerning the type of mineral developed by the adjacent mineral producer on the mineral interest of the unknown or missing owner;  and

(ii) on terms and conditions approved by the court.

(c) The court's judgment appointing a trustee and authorizing the execution of a lease must specify the minimum terms that may be accepted by the trustee.  The terms must be substantially consistent with the terms of other similar mineral leases obtained in the vicinity as determined by the court.

(d) The court shall determine a reasonable fee to be paid to the trustee.  The trustee's fee, including reasonable attorney's fees and costs of the proceeding, shall be paid by the adjacent mineral producer petitioner.  Any other court costs related to the proceedings under this chapter shall be paid by the petitioner.  However, each party shall pay its costs associated with issues arising under section 8 of this chapter.

(e) If a trustee:

(1) dies or resigns;  or

(2) refuses or is unable to act;

the court, upon the court's motion or the motion of the petitioner, shall appoint a successor trustee.

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Cite this article: FindLaw.com - Indiana Code Title 32. Property § 32-23-13-7 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-32-property/in-code-sect-32-23-13-7/

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