Sec. 1. Guardians of the estates of persons under the age of eighteen (18) years and incapacitated persons (as defined in IC 29-3-1-7.5) owning real estate in any county in Indiana in which coal and other solid minerals are being explored for, developed, recovered, marketed, or found by mining or other methods are authorized with the consent of the court to enter into option contracts with prospective mining operators for the purpose of exploring and testing the land for coal and other solid minerals, with tools, machinery, and appliances and for the purchase of the real estate and mineral deposits on terms, conditions, and considerations as the guardian shall consider to be for the best interest of the protected person's estate. All options for exploring, testing, and sale must be made with the consent of the court having probate jurisdiction in the county as provided in this chapter.
Formerly: Acts 1943, c.105, s.1; Acts 1973, P.L.264, SEC.7. As amended by P.L.33-1989, SEC.89.
Structure Indiana Code
Title 30. Trusts and Fiduciaries
Article 1. Sales of Securities and Investments by Fiduciaries
Chapter 7. Mining Contracts Executed by Guardians
30-1-7-1. Guardians of Minors and Incapacitated Persons; Option Contracts for Exploring
30-1-7-2. Petition to Execute Options; Prospectus