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royalty
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    Also found in: Dictionary/thesaurus, Legal, Financial, Encyclopedia, Wikipedia 0.07 sec.

royalty

In law, payment to the owner for rights to use or exploit literary or artistic copyrights and patent rights in new inventions of all kinds.

Oil, gas, and other mineral deposits are also subject to royalty payments.

royalty

Status of a person of royal rank, such as a king, queen, reigning prince, or grand duke, or any of their family. The possession of such status in no way decides either the actual or legal political powers which the possessor may have. The powers possessed by people of royal rank have varied from the performance of purely honorary functions (with no powers) to the exercise of absolute autocracy.

Popularly royalty is synonymous with monarchy, and rulers are called monarchs or sovereigns although they may possess no more than a portion of the sovereign power in a state.



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