§ 30-1-6-1 — Administrators, executors, and guardians; powers to execute leases; term; jurisdiction; sale of leases; petition

Indiana § 30-1-6-1

• Jurisdiction: Indiana
• Art. 1: SALES OF SECURITIES AND INVESTMENTS BY
• Ch. 6: Oil, Gas, and Mineral Leases

Text

Administrators and executors of estates of
deceased persons and guardians of the estates of persons under
eighteen (18) years of age and incapacitated persons (as defined in IC 29-3-1-7.5) are authorized to execute oil and gas, coal, or other mining
leases upon the lands belonging to the estates of the deceased persons,
or of persons under eighteen (18) years of age or incapacitated persons,
for a term not to exceed ten (10) years and as long thereafter as oil, gas,
coal or other minerals may be produced in paying quantities, upon
compliance with this chapter. The court having probate jurisdiction in
the county in which the guardianship or administration proceedings are
pending shall have jurisdiction to order the sale for execution and
delivery of a lease or leases upon the filing of a petition alleging that
the estate of the deceased person or the estate of a person under
eighteen (18) years of age or a protected person is the owner of the
lands described in the petition, and that the lands have a probable value
for oil and gas, coal or other mining purposes, stating the probable
value of the proposed lease, and that the estate of the deceased person
or of the protected person is not financially able or that it is impractical
for the estate to explore and develop the land for oil and gas, coal, or
other minerals, and that it is to the best interest of the estate to lease the
lands. The petition shall be verified by the administrator, executor, or
guardian, and if it involves lands belonging to the estate of deceased
persons, the petition shall set forth the names and post office addresses
of the heirs of the deceased persons. If the will of any deceased person
empowers the executor to sell oil, and gas, coal, or other mineral leases
upon the lands of the testator, it shall not be necessary for the executor,
or the administrator with the will annexed, to comply with this chapter.
The word "land" or "lands" includes any oil, gas, coal, or other mineral
rights or interests in lands which may be leasable.
Formerly: Acts 1943, c.270, s.1; Acts 1973, P.L.264, SEC.5. As
amended by Acts 1982, P.L.171, SEC.88; P.L.33-1989,
SEC.85.