Idaho § 47-1403 - Rules for issuing lease - Term - Royalty
Full text of Idaho Idaho Statutes § 47-1403 — Rules for issuing lease - Term - Royalty, with citation guidance and answers to common questions.
§ 47-1403. Rules for issuing lease - Term - Royalty
Any such governing body may, in its discretion, make and establish such rules and regulations governing the issuance of such leases and contracts as are not inconsistent with provisions of this act. Any such lease or contract (1) shall be entered into pursuant to resolution duly adopted by the governing body, (2) may be for a term not exceeding ten (10) years and as long thereafter as oil, gas or other hydrocarbons shall be, or can be, produced in commercial quantities, except as such term may be extended pursuant to the provisions of section 47-1402 , and (3) shall reserve to the governing body a royalty of not less than one-eighth (1/8) of all oil, gas or other hydrocarbons produced from said lands.
[47-1403, added 1961, ch. 100, sec. 3, p. 149.]
Source: official Idaho text · Last verified 2026-08-27
Frequently Asked Questions About Idaho § 47-1403
What does Idaho Statutes § 47-1403 cover?
Section 47-1403 ("Rules for issuing lease - Term - Royalty") is part of the Idaho Statutes, the codified statutory law of Idaho. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Idaho § 47-1403?
A common citation format is "Idaho Statutes § 47-1403" (Idaho). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 47-1403 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Idaho.