Terms Used In Indiana Code > Title 32 > Article 23 > Chapter 7 - Oil and Gas: Estates in Land

• coal bed methane: has the meaning set forth in Indiana Code 32-23-7-0.3
• coal bed methane estate in land: means the aggregate of all rights in land that affect the coal bed methane:

  Indiana Code 32-23-7-0.4

• coal bed methane production area: means the area of land determined by the operator in which multiple wells are drilled for a common production purpose. See Indiana Code 32-23-7-0.5
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants.
• 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}
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• oil and gas: means petroleum and mineral oils and gaseous substances of whatever character naturally lying or found beneath the surface of land. See Indiana Code 32-23-7-1
• oil and gas estate in land: means the aggregate of all rights in land that affect the oil and gas in, on, under, or that may be taken from beneath the surface of the land. See Indiana Code 32-23-7-2
• person in interest: means :

  Indiana Code 32-23-7-4

• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Sole ownership: The type of property ownership in which one individual holds legal title to the property and has full control of it.
• surface rights: means all rights relating to the occupancy, user, or ownership of the surface of land affected by this chapter. See Indiana Code 32-23-7-5
• Tenancy in common: A type of property ownership in which two or more individuals have an undivided interest in property. At the death of one tenant in common, his (her) fractional percentage of ownership in the property passes to the decedent