Indiana § 32-23-13-7 Court determinations; trustee appointment

Indiana Statutes

§ 32-23-13-7 — Court determinations; trustee appointment

Indiana·Title 32 PROPERTY·Art. 23 CONVEYANCE OF PROPERTY INTERESTS·Ch. 13 Mineral Estates of Unknown or Missing Owners

(a)The court shall receive evidence and hear testimony concerning:

(1)the matters in the adjacent mineral producer's petition; and

(2)the prevailing terms of similar mineral leases of the type sought by the petitioner obtained in the vicinity of the land in the petition, including the length of the lease term, bonus money, delay rentals, royalty rates, and other forms of lease payments.

(b)If the court determines that the material allegations of the petition are true and that there has been compliance with the required notice provisions, the court:

(1)shall enter an order determining the interest of each respondent in the mineral interest sought to be leased; and

(2)may:

(A)declare a trust in the mineral interest of the unknown or missing owner;

(B)appoint, without a bond, a truste

Free access — add to your briefcase to read the full text and ask questions with AI

(a) The court shall receive evidence and hear
testimony concerning:
(1) the matters in the adjacent mineral producer's petition; and
(2) the prevailing terms of similar mineral leases of the type
sought by the petitioner obtained in the vicinity of the land in the
petition, including the length of the lease term, bonus money,
delay rentals, royalty rates, and other forms of lease payments.
(b) If the court determines that the material allegations of the
petition are true and that there has been compliance with the required
notice provisions, the court:
(1) shall enter an order determining the interest of each
respondent in the mineral interest sought to be leased; and
(2) may:
(A) declare a trust in the mineral interest of the unknown or
missing owner;
(B) appoint, without a bond, a trustee for the unknown or
missing owner; and
(C) authorize the trustee to execute a valid mineral lease:
(i) with the adjacent mineral producer concerning the type of
mineral developed by the adjacent mineral producer on the
mineral interest of the unknown or missing owner; and
(ii) on terms and conditions approved by the court.
(c) The court's judgment appointing a trustee and authorizing the
execution of a lease must specify the minimum terms that may be
accepted by the trustee. The terms must be substantially consistent with
the terms of other similar mineral leases obtained in the vicinity as
determined by the court.
(d) The court shall determine a reasonable fee to be paid to the
trustee. The trustee's fee, including reasonable attorney's fees and costs
of the proceeding, shall be paid by the adjacent mineral producer
petitioner. Any other court costs related to the proceedings under this
chapter shall be paid by the petitioner. However, each party shall pay
its costs associated with issues arising under section 8 of this chapter.
(e) If a trustee:
(1) dies or resigns; or
(2) refuses or is unable to act;
the court, upon the court's motion or the motion of the petitioner, shall
appoint a successor trustee.

Indiana § 32-23-13-7 (Court determinations; trustee appointment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.