Indiana Code 32-23-9-1. Time for payment
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Sec. 1. A person, firm, limited liability company, or corporation that purchases crude oil that is pumped from an oil well in Indiana shall pay for the crude oil:
(2) after the purchasers have received executed division orders from the owners of interests.
(1) not more than sixty (60) days after the date of the examination and approval of abstracts of title that are furnished by owners of interests and that show good title in the owners of interests; and
Terms Used In Indiana Code 32-23-9-1
- 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.
[Pre-2002 Recodification Citation: 32-5-9-1 part.]
As added by P.L.2-2002, SEC.8. Amended by P.L.86-2018, SEC.226.