Louisiana Revised Statutes 31:16 – Basic mineral rights; status as real rights
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Terms Used In Louisiana Revised Statutes 31:16
- 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 basic mineral rights that may be created by a landowner are the mineral servitude, the mineral royalty, and the mineral lease. This enumeration does not exclude the creation of other mineral rights by a landowner. Mineral rights are real rights and are subject either to the prescription of nonuse for ten years or to special rules of law governing the term of their existence.
Acts 1974, No. 50, §1, eff. Jan. 1, 1975.