Michigan Laws 319.102 – Gas and oil mining rights; definitions
Current as of: 2024 | Check for updates
|
Other versions
Definitions. The following words and terms as used in this act shall each have the meaning ascribed to them in this section.
(a) “Person” means any natural person, corporation, association, partnership, receiver, trustee, judiciary or common law trust, guardian, executor, administrator or fiduciary of any kind.
Terms Used In Michigan Laws 319.102
- Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- Fiduciary: A trustee, executor, or administrator.
- Gas: means dry or natural gas, casinghead gas or gas produced incidental to the production of oil. See Michigan Laws 319.102
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- 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
- Oil: means natural crude oil or petroleum or other hydrocarbons, regardless of gravity, which are produced at the well in liquid form by ordinary production methods and which are not the result of condensation of gas after it leaves the underground reservoir. See Michigan Laws 319.102
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any natural person, corporation, association, partnership, receiver, trustee, judiciary or common law trust, guardian, executor, administrator or fiduciary of any kind. See Michigan Laws 319.102
- Trustee: A person or institution holding and administering property in trust.
- working interest: means that share of the produce or profits to which the person who develops the oil and gas mineral rights is entitled by reason thereof pursuant to either the provisions of a lease providing therefor or to the provisions of this act. See Michigan Laws 319.102
(b) “Oil” means natural crude oil or petroleum or other hydrocarbons, regardless of gravity, which are produced at the well in liquid form by ordinary production methods and which are not the result of condensation of gas after it leaves the underground reservoir.
(c) “Gas” means dry or natural gas, casinghead gas or gas produced incidental to the production of oil.
(d) The phrase “oil and gas” shall not only refer to the oil and gas as such in combination 1 with the other, but shall also have general reference to oil, gas, casinghead gas or other hydrocarbons or any combination or combinations thereof, or any 1 thereof, which may be found in or produced from a natural reservoir or common source of supply of oil or gas or both.
(e) The term “royalty interest” means that share of the produce or profits which the owner of land, or the oil and gas rights in such land, reserves or is entitled to whether under a lease or under the provisions of this act in consideration of permitting the owner of the working interest to develop such oil and gas mineral rights.
(f) The term “working interest” means that share of the produce or profits to which the person who develops the oil and gas mineral rights is entitled by reason thereof pursuant to either the provisions of a lease providing therefor or to the provisions of this act.
(g) The singular shall include the plural and the plural shall include the singular. Each of the genders shall include each of the other genders.