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.Acts 1987, No. 362, § 1.
Arkansas Legal Code