§ 18-28-401 - Definitions. - Arkansas Statutes

18-28-401. Definitions.

As used in this subchapter:

(1) "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;

(2) "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;

(3) "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.