Definition of DELAY RENTAL in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms.
Definition of DELAY RENTAL
Rent, usually on oil and gas leases, paid for additional time in which to utilize land. It does not depend on oil or gas produced, does not exhaust substance of land, and resembles a bonus payment, which is an advance royalty. Commissioner of Internal Revenue v. Wilson, C. C.A.Tex., 76 F.2d 766, 769; State v. Magnolia Petroleum Co., Tex.Civ.App., 173 S.W.2d 186, 190.
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That's the definition of DELAY RENTAL in Black's Law Dictionary 4th Edition – Legal dictionary – Glossary of legal terms. Courtesy of Cekhukum.com.
