Overriding Royalty

overriding royalty : an interest in and royalty on the oil, gas, or minerals extracted from another's land that is carved out of the producer's working interest and is not tied to production costs compare royalty ...

royalty

royalty pl: -ties 1 : a right delegated (as to an individual or corporation) by a sovereign 2 a : a share of the profit or product reserved by the grantor esp. of an oil or mineral lease compare overriding royalty b : a payment made to an author or composer for each copy of a work sold or to an inventor for each article sold under a patent ...

override

override -rode [-rōd] -rid·den [-rid-n] -rid·ing 1 : to prevail or take precedence over [if, as is often the case, federal constitutional principles state statutory or common law "H. P. Wilkins"] 2 : to set aside by virtue of superior authority [overrode the jury's sentencing recommendation] ;esp : annul [ a veto with the required majority] [ō-vər-rīd] n 1 : a commission paid to managerial personnel on sales made by subordinates called also override commission 2 : royalty 3 : an act or instance of overriding [a legislative ] ...

override

override -rode [-rōd] -rid·den [-rid-n] -rid·ing 1 : to prevail or take precedence over [if, as is often the case, federal constitutional principles state statutory or common law "H. P. Wilkins"] 2 : to set aside by virtue of superior authority [overrode the jury's sentencing recommendation] ;esp : annul [ a veto with the required majority] [ō-vər-rīd] n 1 : a commission paid to managerial personnel on sales made by subordinates called also override commission 2 : royalty 3 : an act or instance of overriding [a legislative ] ...

Royalty

Royalty, a payment reserved by the grantor of a patent, lease of a mine or similar right, and payable proportionately to the use made of the right by the grantee. It is usually a payment of money, but may be a payment in kind, that is, of part of the produce of the exercise of the right, Jowitt's Dictionary of English Law, 2nd End., p. 1595.In the legal world, is known as the equivalent or translation of jura 'regalia' or 'jura regia'. Royal rights and prerogatives of a sovereign are covered thereunder. In its secondary sense, the word 'royalty' would signify, as in mining leases, that part of the reddendum, variable thought, payable in cash or kind, for rights and privileges obtained, Inderjeet Singh Sial v. Karam Chand Thapar, (1995) 6 SCC 166.Royalty, is not a tax. Simply because the royalty is levied by reference to the quantity of the minerals produced and the impugned cess too is quantified by taking into consideration the same quantity of the mineral produced, the latter does no...

interest

interest [probably alteration of earlier interesse, from Anglo-French, from Medieval Latin, from Latin, to be between, make a difference, concern, from inter- between, among + esse to be] 1 : a right, title, claim, or share in property Article Nine security interest : security interest in this entry beneficial interest : the right to the use and benefit of property [a beneficial interest in the trust] contingent interest : a future interest whose vesting is dependent upon the occurrence or nonoccurrence of a future event compare vested interest in this entry controlling interest : sufficient stock ownership in a corporation to exert control over policy equitable interest : an interest (as a beneficial interest) that is held by virtue of equitable title or that may be claimed on the ground of equitable relief [claimed an equitable interest in the debtor's assets] executory interest : a future interest other than a remainder or reversion that may take effect upon the divesting...

Dead rent and royalty

Dead rent and royalty, 'dead rent' is calculated on the basis of the, area leased while 'royalty' is calculated on the quantity of minerals extracted or removed. Thus, while dead rent is a fixed return to the lessor, royalty is a return which varies with the quantity of minerals extracted or removed. Since dead rent and royalty are both a return to the lessor in respect of the area leased looked at from one point of view dead rent can be described as the minimum guaranteed amount of royalty payable to the lessor but calculated on the basis of the area leased and not on the quantity of minerals extracted or removed, D.K. Trivedi v. State of Gujarat, AIR 1986 SC 1323 (1345): (1986) Supp SCC 20....

Royalty on mineral rights

Royalty on mineral rights, cess on royalty cannot be sustained under Entry 49 of List II as being a tax on land. Royalty on mineral rights is not a tax on land but a payment for the user of land, India Cement Ltd. v. State of Tamil Nadu, AIR 1990 SC 85: (1990) 1 SCC 12: (1989) Supp 1 SCR 692...

Royalties

Royalties, means a royalty, in the sense in which the word is used in connection with mining leases, is a payment to the lessor proportionate to the amount of the demised mineral worked within a specific period, Halsbury's Laws of England, para 236....

equity

equity pl: -ties [Latin aequitat- aequitas fairness, justice, from aequus equal, fair] 1 a : justice according to fairness esp. as distinguished from mechanical application of rules [prompted by considerations of ] [comity between nations, and require it to be paid for "F. A. Magruder"] b : something that is equitable : an instance of equity [the inequities produced by the system are outnumbered by the equities] 2 a : a system of law originating in the English chancery and comprising a settled and formal body of substantive and procedural rules and doctrines that supplement, aid, or override common and statutory law [the judicial power shall extend to all cases, in law and , arising under this Constitution "U.S. Constitution art. III"] see also chancery compare common law, law NOTE: The courts of equity arose in England from a need to provide relief for claims that did not conform to the writ system existing in the courts of law. Originally, the courts of equity exercised great ...

Overriding Royalty - Law Dictionary Search Results