royalty interest
Defined in 1 dictionary — Case Law
Definitions from Case Law
From 356 U.S. 260 - Commissioner of Internal Revenue v. P G Lake · 1958Most cited · 1,055 citing opinions
a right to receive a specified percentage of all oil and gas produced but, unlike the oil payment, is not limited to a specified sum of money. The royalty interest lasts during the entire term of the lease.