CHAPTER 5.  THE MINERAL ROYALTY

PART 1.  THE NATURE OF THE MINERAL ROYALTY

§80.  Nature of mineral royalty

A mineral royalty is the right to participate in production of minerals from land owned by another or land subject to a mineral servitude owned by another.  Unless expressly qualified by the parties, a royalty is a right to share in gross production free of mining or drilling and production costs.  

Acts 1974, No. 50, §80, eff. Jan. 1, 1975.