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Indiana Code Title 32. Property § 32-23-13-9

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

Sec. 9. (a) The trustee shall do the following:

(1) Enter into negotiations with the adjacent mineral producer petitioner.

(2) Execute a mineral lease in favor of the petitioner covering the interest of the respondents that reflects the findings and judgment of the court.

(3) Promptly prepare and file a report of the mineral lease with the court that states the terms of the lease and the payments received for the lease.

(4) Give notice of the report of the mineral lease to all parties appearing of record.

(b) The court shall review the mineral lease under subsection (a) to determine if the lease is in accordance with the court's findings and judgment.  If the court approves the mineral lease, the court shall:

(1) issue an order confirming the lease;  and

(2) issue an order terminating the trust.

(c) A lease created under this section continues after the termination of the trust unless the lease expires by its own terms.

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Cite this article: FindLaw.com - Indiana Code Title 32. Property § 32-23-13-9 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-32-property/in-code-sect-32-23-13-9/

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