Sec. 9. (a) The
trustee shall do the following:
(1) Enter into negotiations with the adjacent mineral producer petitioner.
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Terms Used In Indiana Code 32-23-13-9
- adjacent mineral producer: means a person that:
Indiana Code 32-23-13-1
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(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.
As added by P.L.28-2015, SEC.1.
