Sentences with phrase «gross royalty trust»
This decision involves the interpretation of a will from 1949 as well as the validity of a gross royalty trust agreement (GRTA) and a subsequent patch agreement.
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According to the almighty online brain trust, Wikipedia, royalties are: «typically agreed upon as a percentage of gross or net revenues derived from the use of an asset or a fixed price per unit sold of an item...» In layman's terms, royalties are a form of passive income that you obtain through the sale or use of something you own.