Indiana Code 32-23-8-1. Lapse of rental payment; nonproduction or nondevelopment of lease
Current as of: 2023 | Check for updates
|
Other versions
Sec. 1. Leases for oil and gas that are recorded in Indiana are void:
(A) the last payment of rentals on the oil and gas lease as stipulated in the lease or contract; or
(1) after a period of one (1) year has elapsed since:
Terms Used In Indiana Code 32-23-8-1
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(B) operation for oil or gas has ceased, both by the nonproduction of oil or gas and the nondevelopment of the lease; and
(2) upon the written request of the owner of the land, accompanied by the affidavit of the owner stating that:
(A) no rentals have been paid to or received by the owner or any person, bank, or corporation in the owner’s behalf for a period of one (1) year after they have become due; and
(B) the leases and contracts have not been operated for the production of oil or gas for one (1) year.
[Pre-2002 Recodification Citation: 32-5-8-1 part.]
As added by P.L.2-2002, SEC.8. Amended by P.L.86-2018, SEC.225.