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Arkansas Code Title 15. Natural Resources and Economic Development § 15-72-1111. Rights of operator not impaired

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

(a) This subchapter does not impair an operator's right to be paid, to set-off funds, or to withhold funds from an interest owner as security for or in satisfaction of a debt or security interest.

(b) In the case of a dispute between an operator and an interest owner, a good-faith tender of funds by a person operates as a tender of the funds to both the operator and the interest owner if the tender of funds is to:

(1) The person that the operator and the interest owner jointly direct the first purchaser in writing to pay;

(2) A person that otherwise shows himself or herself or itself to be the person entitled to the funds; or

(3) A court of competent jurisdiction in the event of litigation or bankruptcy.

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Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-72-1111. Rights of operator not impaired - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-72-1111/

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