grubstake contract

grubstake contract

A contract between two parties in which one party provides the grubstake ¡ª money and supplies ¡ª and the other party prospects for and locates mines on public land.

? Each party acquires an interest in the mine as agreed to in the contract. Grubstake contracts are used chiefly in the western United States. In some states, such as Alaska, a request for grubstake money is considered the offer of a security and must be registered.

¡ª Also termed grubstaking contract. [Cases: Mines and Minerals 101. C.J.S. Mines and Minerals ¡ì¡ì 396¨C401.]


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