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Arkansas Code Title 15. Natural Resources and Economic Development § 15-72-1109. Waiver

Current as of March 28, 2024 | Updated by FindLaw Staff

(a) An interest owner is not required, as a condition or term of an agreement to sell or otherwise, to:

(1) Waive, relinquish, or release an oil and gas lien or a right under this subchapter other than upon payment in full of the sales price; or

(2) Agree to a provision that would apply the law of a state other than this state insofar as the law of the other state relates to rights under this subchapter.

(b) A purported waiver, relinquishment, release, or provision required as a condition or term of agreement referenced under subsection (a) of this section is void as a matter of the public policy of this state.

(c) Notwithstanding subsection (a) of this section, an interest owner or a representative may waive, relinquish, or release an oil and gas lien or a right under this subchapter or agree to a provision that would apply the law of a state other than this state insofar as the waiver, relinquishment, release, or agreement to a provision that would apply the law of the other state relates to rights under this subchapter only as to the interest owner's oil and gas right, if the first purchaser either:

(1) Posts a letter of credit in a form and an amount satisfactory to the interest owner or representative; or

(2) Agrees to a binding contractual arrangement satisfactory in form and substance to the interest owner or representative to prepay or escrow the sales price under an agreement to sell satisfactory in form and substance to the interest owner and performs all of the first purchaser's obligations under the binding contractual arrangement.

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Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-72-1109. Waiver - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-72-1109/

Read this complete Arkansas Code Title 15. Natural Resources and Economic Development § 15-72-1109. Waiver on Westlaw

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