Indiana Code 32-23-9-2. Time for payment; interest rate
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Sec. 2. If a person, firm, limited liability company, or corporation described in section 1 of this chapter:
(A) not more than sixty (60) days after the date of the examination and approval of title; and
(1) fails to pay for the crude oil:
Terms Used In Indiana Code 32-23-9-2
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(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.]
As added by P.L.2-2002, SEC.8.