Indiana Code 32-23-7-7. Interests created; title; alienability
(1) Interests in oil and gas.
Terms Used In Indiana Code 32-23-7-7
- coal bed methane: has the meaning set forth in Indiana Code 32-23-7-0.3
- Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
- oil and gas: means petroleum and mineral oils and gaseous substances of whatever character naturally lying or found beneath the surface of land. See Indiana Code 32-23-7-1
- Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
- Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent
(b) An interest referred to in subsection (a) in, on, under, or that may be taken from beneath the surface of land located in Indiana may be created:
(1) for life;
(2) for a term of years; or
(3) in fee;
in the manner and to the extent that other interests in real estate and title are created.
(c) Title to the estates specified under subsection (b) may be vested in one (1) or more persons by:
(1) sole ownership;
(2) tenancy in common;
(3) joint tenancy;
(4) tenancy by the entireties; or
(5) another manner recognized under Indiana law.
(d) Interests or estates specified in this section are freely alienable, in whole or in part, in the same manner as are other interests in real estate.
[Pre-2002 Recodification Citation: 32-5-7-3.]
As added by P.L.2-2002, SEC.8. Amended by P.L.140-2011, SEC.27.