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

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, orcorporation that purchases crude oil that is pumped from an oil wellin Indiana shall pay for the crude oil:
        (1) not more than sixty (60) days after the date of theexamination and approval of abstracts of title that are furnishedby owners of interests and that show good title in the owners ofinterests; and
        (2) after the purchasers have received executed division ordersfrom 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 corporationdescribed 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 theexamination and approval of title; and
            (B) after the purchasers have received executed divisionorders from the owners of interests; or
        (2) has failed to notify the known claimants of an interest of thepurchaser's reason for nonpayment to the claimants of aninterest;
the purchaser shall pay interest at the rate of six percent (6%) peryear on the unpaid balance from the date on which the purchaser wasrequired to pay for the crude oil under this chapter to the date ofpayment.
As added by P.L.2-2002, SEC.8.