Royalties payable to this state under section 27-555, subsection B are payable in kind or in cash at the option and demand of the department. The lessee shall pay royalties in cash unless the department elects to receive royalty oil in kind pursuant to this article. The commissioner shall base this determination on what is in the best interest of the trust.
A.R.S. § 27-563
Payment of noncompetitive lease royalties in kind or cash
Official source: Arizona State Legislature. Reproduced from public-domain Arizona statutes; confirm against the official source for the current text. Not legal advice.