Tennessee Code 60-1-503 – Part definitions
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As used in this part, unless the context otherwise requires:
Terms Used In Tennessee Code 60-1-503
- Board: means the Tennessee board of water quality, oil and gas. See Tennessee Code 60-1-503
- 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.
- Gas: means all natural gas and all other fluid hydrocarbons not defined as oil, including condensate because it originally was in a gaseous phase in the reservoir. See Tennessee Code 60-1-101
- 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.
- Mineral: means any substance with economic value whether organic or inorganic that can be extracted from the earth, but excluding oil and gas. See Tennessee Code 60-1-503
- Mineral test hole: means any hole in excess of one hundred feet (100') drilled during the exploration for minerals but excludes auger drilling in surficial or otherwise unconsolidated material, drilling in conjunction with mining or quarrying operations, drill holes for the exploration of oil and/or gas, water, structural foundations, and seismic surveys. See Tennessee Code 60-1-503
- Oil: means crude petroleum that was originally in an oil phase in the reservoir. See Tennessee Code 60-1-101
- Owner: means the person who has or attains the right to drill, convert or operate any mineral test hole subject to this part. See Tennessee Code 60-1-503
- 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 individual, corporation, company, association, joint venture, partnership, receiver, trustee, guardian, executor, administrator, personal representative or private organization of any kind. See Tennessee Code 60-1-503
- Personal representative: when applied to those who represent a decedent, includes executors and administrators, unless the context implies heirs and distributees. See Tennessee Code 1-3-105
- Property: includes both personal and real property. See Tennessee Code 1-3-105
- State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
- Trustee: A person or institution holding and administering property in trust.