royalty pool

royalty pool
An arrangement created by an agreement between landowners binding each of them to turn into a common fund or pool any oil found and produced on his land or royalties therefrom, such owners to share in certain proportions in the fund or pool thus accumulated, after payment of expenses of management. Hathaway v Porter Royalty Pool, 296 Mich 90, 295 NW 571, 138 ALR 955, amd 296 Mich 733, 299 NW 451, 138 ALR 967.

Ballentine's law dictionary. . 1998.

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