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Simple English definitions for legal terms
depletable economic interest
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A quick definition of depletable economic interest:
A depletable economic interest is when someone owns land that has valuable minerals underneath it, like oil or gold. When these minerals are taken out of the ground, the land becomes less valuable because there is less of the mineral left. This is called depletion, and it means that the economic interest in the land is decreasing over time.
A more thorough explanation:
Depletable Economic Interest
A depletable economic interest refers to a mineral-land interest that can be depleted or exhausted due to the removal of the mineral that is the subject of the interest. This depletion can occur through drilling or mining activities.
- An oil well that is leased to a company for drilling purposes
- A coal mine that is owned by a mining company
- A gold mine that is leased to a mining company for extraction
These examples illustrate how a depletable economic interest can be subject to depletion through the extraction of minerals. Once the minerals are removed, the interest may no longer hold any economic value.