economic interest
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 287 U.S. 551 - Palmer v. Bender · 1933Most cited · 1,067 citing opinions
The lessor's right to a depletion allowance does not depend upon his retention of ownership or any other particular form of legal interest in the mineral content of the land. It is enough if by virtue of the leasing transaction he has retained a right to share in the oil produced. If so, he has an economic interest in the oil, in place, which is depleted by production.