Statute 362 105

As used in NRS 362.100 to 362.240, inclusive, unless the context otherwise requires: 1. 'Royalty' means a portion of the proceeds from extraction of a mineral which is paid for the privilege of extracting the mineral. 2. 'Royalties' do not include: (a) Rents or other compensatory payments which are fixed and certain in amount and payable periodically over the duration of the lease regardless of the extent of extractions; or (b) Minimum royalties covering periods when no mineral is extracted if the payments are fixed and certain in amount and payable on a regular periodic basis. (Added to NRS by 1975, 135; A 1989, 35; 2013, 3143)