CHAPTER 7. MINING CONTRACTS EXECUTED BY GUARDIANS
IC 30-1-7
Chapter 7. Mining Contracts Executed by Guardians
IC 30-1-7-1
Guardians of minors and incapacitated persons; option contracts
for exploring
Sec. 1. Guardians of the estates of persons under the age of
eighteen (18) years and incapacitated persons (as defined in
IC 29-3-1-7.5) owning real estate in any county in Indiana in which
coal and other solid minerals are being explored for, developed,
recovered, marketed, or found by mining or other methods are
authorized with the consent of the court to enter into option contracts
with prospective mining operators for the purpose of exploring and
testing the land for coal and other solid minerals, with tools,
machinery, and appliances and for the purchase of the real estate and
mineral deposits on terms, conditions, and considerations as the
guardian shall consider to be for the best interest of the protected
person's estate. All options for exploring, testing, and sale must be
made with the consent of the court having probate jurisdiction in the
county as provided in this chapter.
(Formerly: Acts 1943, c.105, s.1; Acts 1973, P.L.264, SEC.7.) As
amended by P.L.33-1989, SEC.89.
IC 30-1-7-2
Petition to execute options; prospectus
Sec. 2. Guardians of the estates of persons under the age of
eighteen (18) years and incapacitated persons are authorized to
petition the court having probate jurisdiction in the county in which
the guardianship is pending for authority to execute the options under
section 1 of this chapter. The petition shall be verified and set forth
the name of the person, firm, limited liability company, or
corporation to whom it is proposed to give the option. It shall also set
forth a prospectus as to the probable existence of minerals, their
probable value, the amount to be paid for the option, the length of
time the option is to continue, a copy of the proposed option, and a
copy of the proposed lease or deed which is to be executed in the
event the option is exercised.
(Formerly: Acts 1943, c.105, s.2; Acts 1973, P.L.264, SEC.8.) As
amended by P.L.33-1989, SEC.90; P.L.8-1993, SEC.462.
IC 30-1-7-3
Hearing; order of court
Sec. 3. Upon the filing of such petition, the court shall proceed to
hear and determine the same either in term time or vacation. If the
court, after being duly advised in the premises, finds that the
execution of said option to purchase would be to the best interests of
the ward's estate and that said option is in proper form and that the
price to be paid for said option and for the interest to be acquired if
the option is exercised is not less than the established price being
paid in the area; the court may thereupon enter an order authorizing
said guardian to sign and execute said option and lease or deed, in
the event the option is exercised, for and upon behalf of his ward.
(Formerly: Acts 1943, c.105, s.3.)
IC 30-1-7-4
Binding and conclusive; disaffirmance
Sec. 4. Said option and the deed or lease, as the case may be, in
the event the option is exercised, shall be binding and conclusive
upon the ward for the respective term thereof and the right of
disaffirmance is hereby denied.
(Formerly: Acts 1943, c.105, s.4.)