§ 32-23-9-2 — Time for payment; interest rate

Indiana § 32-23-9-2

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 23: CONVEYANCE OF PROPERTY INTERESTS
• Ch. 9: Oil and Gas: Purchase of and Payment for Crude Oil

Text

If a person, firm, limited liability company, or
corporation described in section 1 of this chapter:
(1) fails to pay for the crude oil:
(A) not more than sixty (60) days after the date of the
examination and approval of title; and
(B) after the purchasers have received executed division orders
from the owners of interests; or
(2) has failed to notify the known claimants of an interest of the
purchaser's reason for nonpayment to the claimants of an interest;
the purchaser shall pay interest at the rate of six percent (6%) per year
on the unpaid balance from the date on which the purchaser was
required to pay for the crude oil under this chapter to the date of
payment.
[Pre-2002 Recodification Citation: 32-5-9-1 part.]

Legislative History

As added by P.L.2-2002, SEC.8.