Louisiana Revised Statutes 31:109 – Obligation of owner of executive interest
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Terms Used In Louisiana Revised Statutes 31:109
- 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
The owner of an executive interest is not obligated to grant a mineral lease, but in doing so, he must act in good faith and in the same manner as a reasonably prudent landowner or mineral servitude owner whose interest is not burdened by a nonexecutive interest.
Acts 1974, No. 50, §109, eff. Jan. 1, 1975.