2022 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
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.

[Pre-2002 Recodification Citation: 32-5-9-1 part.]

As added by P.L.2-2002, SEC.8.