Louisiana Revised Statutes 31:210.1 – Interest on purchase payment of production
Terms Used In Louisiana Revised Statutes 31:210.1
- Contract: A legal written agreement that becomes binding when signed.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
A. When mineral production has been delivered under a purchase contract but the purchaser is delaying payment for the production, pending receipt of proof of clear title or a valid division order or both, interest at the legal rate over the time period of the delay shall be paid by the purchaser on all money held for more than thirty days after payment would be due after delivery under the purchase contract. The interest earning period shall be from the date payment is due under the contract to the day disbursement is made.
B. The provisions of this section shall not apply to payments due to any person who is afforded a remedy under La. Rev. Stat. 31:137 through 31:142 or under La. Rev. Stat. 31:212.21 through 212.23 for nonpayment or delayed payment of sums due.
Added by Acts 1982, No. 534, §1.