CHAPTER 9. OIL AND GAS: PURCHASE OF AND PAYMENT FOR CRUDE OIL - Indiana Statutes

IC 32-23-9
     Chapter 9. Oil and Gas: Purchase of and Payment for Crude Oil

IC 32-23-9-1
Time for payment
     Sec. 1. (a) A person, firm, limited liability company, or corporation that purchases crude oil that is pumped from an oil well in Indiana shall pay for the crude oil:
        (1) not more than sixty (60) days after the date of the examination and approval of abstracts of title that are furnished by owners of interests and that show good title in the owners of interests; and
        (2) after the purchasers have received executed division orders from the owners of interests.
As added by P.L.2-2002, SEC.8.

IC 32-23-9-2
Time for payment; interest rate
     Sec. 2. 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.
As added by P.L.2-2002, SEC.8.