If a person, firm, limited liability company, or corporation described in section 1 of this chapter:

1. (1) fails to pay for the crude oil:

   1. (A) not more than sixty (60) days after the date of the examination and approval of title; and
   2. (B) after the purchasers have received executed division orders from the owners of interests; or

2. (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.

   [Pre-2002 Recodification Citation: 32-5-9-1 part.]

As added by P.L.2-2002, SEC.8.