Indiana § 32-23-9-2 - Time for payment; interest rate
Full text of Indiana Indiana Code § 32-23-9-2 — Time for payment; interest rate, with citation guidance and answers to common questions.
§ 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.
[Pre-2002 Recodification Citation: 32-5-9-1 part.]
As added by P.L.2-2002, SEC.8.
IC 32-23-10Chapter 10. Lapse of Mineral Interest
32-23-10-1"Mineral interest" defined 32-23-10-2Statement of claims; filing; reversion 32-23-10-3Presumption of use 32-23-10-4Statement of claim; filing; time 32-23-10-5Statement of claim; failure to file 32-23-10-6Notice; lapse of interest 32-23-10-7Dormant mineral interest record 32-23-10-8Waiver
Frequently Asked Questions About Indiana § 32-23-9-2
What does Indiana Code § 32-23-9-2 cover?
Section 32-23-9-2 ("Time for payment; interest rate") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 32-23-9-2?
A common citation format is "Indiana Code § 32-23-9-2" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 32-23-9-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.