Time for payment; interest rate
Sec. 2. If a person, firm, limited liability company, or corporation
described in section 1 of this chapter:
(1) fails to pay for the crude oil:
(A) not more than sixty (60) days after the date of the
examination and approval of title; and
(B) after the purchasers have received executed division
orders from the owners of interests; or
(2) has failed to notify the known claimants of an interest of the
purchaser's reason for nonpayment to the claimants of an
interest;
the purchaser shall pay interest at the rate of six percent (6%) per
year on the unpaid balance from the date on which the purchaser was
required to pay for the crude oil under this chapter to the date of
payment.
As added by P.L.2-2002, SEC.8.
Last modified: May 24, 2006