CHAPTER 7. MINING CONTRACTS EXECUTED BY GUARDIANS

IC 30-1-7
    Chapter 7. Mining Contracts Executed by Guardians

IC 30-1-7-1
Guardians of minors and incapacitated persons; option contractsfor exploring
    Sec. 1. Guardians of the estates of persons under the age ofeighteen (18) years and incapacitated persons (as defined inIC 29-3-1-7.5) owning real estate in any county in Indiana in whichcoal and other solid minerals are being explored for, developed,recovered, marketed, or found by mining or other methods areauthorized with the consent of the court to enter into option contractswith prospective mining operators for the purpose of exploring andtesting the land for coal and other solid minerals, with tools,machinery, and appliances and for the purchase of the real estate andmineral deposits on terms, conditions, and considerations as theguardian shall consider to be for the best interest of the protectedperson's estate. All options for exploring, testing, and sale must bemade with the consent of the court having probate jurisdiction in thecounty as provided in this chapter.
(Formerly: Acts 1943, c.105, s.1; Acts 1973, P.L.264, SEC.7.) Asamended by P.L.33-1989, SEC.89.

IC 30-1-7-2
Petition to execute options; prospectus
    Sec. 2. Guardians of the estates of persons under the age ofeighteen (18) years and incapacitated persons are authorized topetition the court having probate jurisdiction in the county in whichthe guardianship is pending for authority to execute the options undersection 1 of this chapter. The petition shall be verified and set forththe name of the person, firm, limited liability company, orcorporation to whom it is proposed to give the option. It shall also setforth a prospectus as to the probable existence of minerals, theirprobable value, the amount to be paid for the option, the length oftime the option is to continue, a copy of the proposed option, and acopy of the proposed lease or deed which is to be executed in theevent the option is exercised.
(Formerly: Acts 1943, c.105, s.2; Acts 1973, P.L.264, SEC.8.) Asamended by P.L.33-1989, SEC.90; P.L.8-1993, SEC.462.

IC 30-1-7-3
Hearing; order of court
    Sec. 3. Upon the filing of such petition, the court shall proceed tohear and determine the same either in term time or vacation. If thecourt, after being duly advised in the premises, finds that theexecution of said option to purchase would be to the best interests ofthe ward's estate and that said option is in proper form and that theprice to be paid for said option and for the interest to be acquired ifthe option is exercised is not less than the established price beingpaid in the area; the court may thereupon enter an order authorizing

said guardian to sign and execute said option and lease or deed, inthe event the option is exercised, for and upon behalf of his ward.
(Formerly: Acts 1943, c.105, s.3.)

IC 30-1-7-4
Binding and conclusive; disaffirmance
    Sec. 4. Said option and the deed or lease, as the case may be, inthe event the option is exercised, shall be binding and conclusiveupon the ward for the respective term thereof and the right ofdisaffirmance is hereby denied.
(Formerly: Acts 1943, c.105, s.4.)