Sec. 9. (a) The trustee shall do the following:
(1) Enter into negotiations with the adjacent mineral producer petitioner.
(2) Execute a mineral lease in favor of the petitioner covering the interest of the respondents that reflects the findings and judgment of the court.
(3) Promptly prepare and file a report of the mineral lease with the court that states the terms of the lease and the payments received for the lease.
(4) Give notice of the report of the mineral lease to all parties appearing of record.
(b) The court shall review the mineral lease under subsection (a) to determine if the lease is in accordance with the court's findings and judgment. If the court approves the mineral lease, the court shall:
(1) issue an order confirming the lease; and
(2) issue an order terminating the trust.
(c) A lease created under this section continues after the termination of the trust unless the lease expires by its own terms.
As added by P.L.28-2015, SEC.1.
Structure Indiana Code
Article 23. Conveyance of Property Interests Less Than Fee Simple
Chapter 13. Mineral Estates of Unknown or Missing Owners
32-23-13-1. "Adjacent Mineral Producer"
32-23-13-2. "Mineral Interest of an Unknown or Missing Owner"
32-23-13-3. "Unknown or Missing Owner"
32-23-13-4. Mineral Interest of an Unknown or Missing Owner; Lease to Produce or Develop
32-23-13-6. Action; Requirements; Guardian Ad Litem
32-23-13-7. Court Determinations; Trustee Appointment
32-23-13-8. Additional Court Proceedings
32-23-13-9. Trustee Duties; Lease
32-23-13-10. Lease Payments; Distribution of Funds
32-23-13-11. Subsequent Court Proceedings