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32-34-1-12. "Mineral proceeds"

IN Code § 32-34-1-12 (2019) (N/A)
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Sec. 12. As used in this chapter, "mineral proceeds" means proceeds currently payable and unclaimed and, upon the abandonment of those proceeds, all proceeds that would have become payable, including the following:

(1) Obligations to pay resulting from the extraction, production, or sale of minerals, including the following:

(A) Net revenue interests.

(B) Royalties.

(C) Overriding royalties.

(D) Extraction and production payments.

(E) Joint operating agreements.

(F) Pooling arrangements.

(2) Obligations for the acquisition and retention of a mineral lease, including the following:

(A) Bonuses.

(B) Delay rentals.

(C) Shut-in royalties.

(D) Minimum royalties.

[Pre-2002 Recodification Citation: 32-9-1.5-12.]

As added by P.L.2-2002, SEC.19.

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