Indiana § 14-37-6-3 Duration of bond

Indiana Statutes

§ 14-37-6-3 — Duration of bond

Indiana § 14-37-6-3

Art. 37OIL AND GAS

Ch. 6Bonding

This text of Indiana § 14-37-6-3 (Duration of bond) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 14-37-6-3 (2026).

Text

Each blanket bond for wells created, modified, or acquired during the duration of a bond that was accepted by the commission before March 11, 1971, must be replaced by a new blanket bond in the amount of thirty thousand dollars ($30,000) before January 2, 2002. The new replacement bond remains in effect until:

(1)the:

(A)owner or operator plugs and abandons each well covered under the blanket bond in accordance with:

(i)this article; and

(ii)rules adopted under this article; and

(B)bond is released by the department; or

(2)a substitute bond is accepted by the department for each well secured by the blanket bond. [Pre-1995 Recodification Citation: 13-8-8-3.]

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Each blanket bond for wells created, modified,
or acquired during the duration of a bond that was accepted by the
commission before March 11, 1971, must be replaced by a new blanket
bond in the amount of thirty thousand dollars ($30,000) before January
2, 2002. The new replacement bond remains in effect until:
(1) the:
(A) owner or operator plugs and abandons each well covered
under the blanket bond in accordance with:
(i) this article; and
(ii) rules adopted under this article; and
(B) bond is released by the department; or
(2) a substitute bond is accepted by the department for each well
secured by the blanket bond.
[Pre-1995 Recodification Citation: 13-8-8-3.]