§ 30-1-6-2 — Sale of leases; order of court; notice; royalties; bonus

Indiana § 30-1-6-2

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

Text

Upon the filing of a petition under section 1 of
this chapter, the court in its discretion and upon showing of benefit to
the estate of the decedent or protected person shall make an order
authorizing and directing the administrator, executor, or guardian to
sell a lease upon the lands for oil, and gas, coal, or other mining
purposes. The sale may be either public or private as the court may
direct and upon notice as may be fixed by the court in its order of sale.
Should the court determine from the petition that the sale price of the
lease would not be sufficient to justify the giving of notice of sale, the
court may order the lease sold without notice. Any sale of oil, and gas,
coal leases, or other mineral rights under this chapter shall be on a
royalty basis and bonus if any. The bonus shall be payable in cash at
the time of the execution and delivery of the lease or on terms as the
court shall deem just and proper. Where an estate is solvent, no
administrator or executor may lease land as provided in this chapter
unless the administrator or executor is joined in the lease by the heirs,
or their guardians if the heirs are under the age of eighteen (18) years
or incapacitated, of the deceased person whose estate is being
administered. If the lands to be leased are situated in any other county
than that in which the probate proceeding is pending, then the notices
of sale, if any are to be given, shall be published and posted in the
county of the location of the lands.
Formerly: Acts 1943, c.270, s.2; Acts 1973, P.L.264, SEC.6. As
amended by Acts 1982, P.L.171, SEC.89; P.L.33-1989,
SEC.86.