2014 Indiana Code TITLE 32. PROPERTY ARTICLE 23. CONVEYANCE OF PROPERTY INTERESTS LESS THAN FEE SIMPLE CHAPTER 9. OIL AND GAS: PURCHASE OF AND PAYMENT FOR CRUDE OIL
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IC 32-23-9
Chapter 9. Oil and Gas: Purchase of and Payment for Crude
Oil
IC 32-23-9-1
Time for payment
Sec. 1. (a) A person, firm, limited liability company, or
corporation that purchases crude oil that is pumped from an oil well
in Indiana shall pay for the crude oil:
(1) not more than sixty (60) days after the date of the
examination and approval of abstracts of title that are furnished
by owners of interests and that show good title in the owners of
interests; and
(2) after the purchasers have received executed division orders
from the owners of interests.
As added by P.L.2-2002, SEC.8.
IC 32-23-9-2
Time for payment; interest rate
Sec. 2. If a person, firm, limited liability company, or corporation
described in section 1 of this chapter:
(1) fails to pay for the crude oil:
(A) not more than sixty (60) days after the date of the
examination and approval of title; and
(B) after the purchasers have received executed division
orders from the owners of interests; or
(2) has failed to notify the known claimants of an interest of the
purchaser's reason for nonpayment to the claimants of an
interest;
the purchaser shall pay interest at the rate of six percent (6%) per year
on the unpaid balance from the date on which the purchaser was
required to pay for the crude oil under this chapter to the date of
payment.
As added by P.L.2-2002, SEC.8.
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