§ 32-23-13-9 — Trustee duties; lease

Indiana § 32-23-13-9

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

Text

(a) The trustee shall do the following:
(1) Enter into negotiations with the adjacent mineral producer
petitioner.
(2) Execute a mineral lease in favor of the petitioner covering the
interest of the respondents that reflects the findings and judgment
of the court.
(3) Promptly prepare and file a report of the mineral lease with
the court that states the terms of the lease and the payments
received for the lease.
(4) Give notice of the report of the mineral lease to all parties
appearing of record.
(b) The court shall review the mineral lease under subsection (a) to
determine if the lease is in accordance with the court's findings and
judgment. If the court approves the mineral lease, the court shall:
(1) issue an order confirming the lease; and
(2) issue an order terminating the trust.
(c) A lease created under this section continues after the termination
of the trust unless the lease expires by its own terms.

Legislative History

As added by P.L.28-2015, SEC.1.