Sale of leases; order of court; notice; royalties; bonus
Sec. 2. Upon the filing of a petition under section 1 of this
chapter, the court in its discretion and upon showing of benefit to the
estate of the decedent or protected person shall make an order
authorizing and directing the administrator, executor, or guardian to
sell a lease upon the lands for oil, and gas, coal, or other mining
purposes. The sale may be either public or private as the court may
direct and upon notice as may be fixed by the court in its order of
sale. Should the court determine from the petition that the sale price
of the lease would not be sufficient to justify the giving of notice of
sale, the court may order the lease sold without notice. Any sale of
oil, and gas, coal leases, or other mineral rights under this chapter
shall be on a royalty basis and bonus if any. The bonus shall be
payable in cash at the time of the execution and delivery of the lease
or on terms as the court shall deem just and proper. Where an estate
is solvent, no administrator or executor may lease land as provided
in this chapter unless the administrator or executor is joined in the
lease by the heirs, or their guardians if the heirs are under the age of
eighteen (18) years or incapacitated, of the deceased person whose
estate is being administered. If the lands to be leased are situated in
any other county than that in which the probate proceeding is
pending, then the notices of sale, if any are to be given, shall be
published and posted in the county of the location of the lands.
(Formerly: Acts 1943, c.270, s.2; Acts 1973, P.L.264, SEC.6.) As
amended by Acts 1982, P.L.171, SEC.89; P.L.33-1989, SEC.86.
Last modified: May 27, 2006