Administrators, executors, and guardians; powers to execute
leases; term; jurisdiction; sale of leases; petition
Sec. 1. Administrators and executors of estates of deceased
persons and guardians of the estates of persons under eighteen (18)
years of age and incapacitated persons (as defined in IC 29-3-1-7.5)
are authorized to execute oil and gas, coal, or other mining leases
upon the lands belonging to the estates of the deceased persons, or of
persons under eighteen (18) years of age or incapacitated persons, for
a term not to exceed ten (10) years and as long thereafter as oil, gas,
coal or other minerals may be produced in paying quantities, upon
compliance with this chapter. The court having probate jurisdiction
in the county in which the guardianship or administration
proceedings are pending shall have jurisdiction to order the sale for
execution and delivery of a lease or leases upon the filing of a
petition alleging that the estate of the deceased person or the estate
of a person under eighteen (18) years of age or a protected person is
the owner of the lands described in the petition, and that the lands
have a probable value for oil and gas, coal or other mining purposes,
stating the probable value of the proposed lease, and that the estate
of the deceased person or of the protected person is not financially
able or that it is impractical for the estate to explore and develop the
land for oil and gas, coal, or other minerals, and that it is to the best
interest of the estate to lease the lands. The petition shall be verified
by the administrator, executor, or guardian, and if it involves lands
belonging to the estate of deceased persons, the petition shall set
forth the names and post office addresses of the heirs of the deceased
persons. If the will of any deceased person empowers the executor to
sell oil, and gas, coal, or other mineral leases upon the lands of the
testator, it shall not be necessary for the executor, or the
administrator with the will annexed, to comply with this chapter. The
word "land" or "lands" includes any oil, gas, coal, or other mineral
rights or interests in lands which may be leasable.
(Formerly: Acts 1943, c.270, s.1; Acts 1973, P.L.264, SEC.5.) As
amended by Acts 1982, P.L.171, SEC.88; P.L.33-1989, SEC.85.
Last modified: May 27, 2006