Louisiana Revised Statutes 31:117 – Granting of mineral lease by owner under conditional title
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Terms Used In Louisiana Revised Statutes 31:117
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
A mineral lease may be granted by the owner of an executive interest whose title is extinguished at a particular time or upon the occurrence of a certain condition, but it terminates at the specified time or on occurrence of the condition divesting the title.
Acts 1974, No. 50, §117, eff. Jan. 1, 1975.