Ark. Code § 18-28-401

Current with legislation from 2024 Fiscal and Special Sessions.

Section 18-28-401 - Definitions

As used in this subchapter:

(1) "Holder" means a person, wherever organized or domiciled, who is:

(A) In possession of property that belongs to another;

(B) A trustee; or

(C) Indebted to another on an obligation;

(2) "Mineral" means oil, gas, uranium, sulphur, lignite, coal, and any other substance that is ordinarily and naturally considered a mineral in this state, regardless of the depth at which the substance is found; and

(3) "Mineral proceeds" means all obligations:

(A) To pay resulting from the production and sale of minerals from this state; and

(B) For the acquisition and retention of a mineral lease to produce minerals located in this state.

Ark. Code § 18-28-401

Acts 1987, No. 362, § 1.