mineral royalty

A royalty under a kind of lease recognized by the coal industry paid on the quantity of mineral mined, with the requirement that a stipulated amount be mined within a stated period of time, or, upon a failure to do so, to pay a certain amount of money equal to the income that would have been received by the landowner had the mineral been mined. Such payments are royalties and are not to be considered as rentals. Logan Coal & Timber Asso. v Helvering (CA3) 122 F2d 848. See mining royalty.

Ballentine's law dictionary. . 1998.

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