Current as of January 01, 2020 | Updated by FindLaw Staff
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(a) It shall be the duty of each person holding an oil, gas, or other mineral lease for prospecting and exploiting for oil, gas, or other minerals, upon any real estate in the State of Arkansas, upon forfeiting the rights to further prospect on the lands by failure to pay any rental or to perform any condition imposed by the terms of the lease on the lessee, or otherwise forfeiting the rights under the lease, upon the notice hereinafter prescribed in § 15-73-204 by the lessor, to execute a release to the grantor or otherwise remove any cloud or encumbrance on the title to the lands by reason of the forfeited lease.
(b)(1) However, it shall be sufficient if the lessee in the original lease, or his or her assignee of record, shall endorse on the margin of the record of the original lease a cancellation or release of the lease. Endorsing on the margin of the record of the original release such words as “FORFEITED AND CANCELLED” followed by the date of entry and the signature of the owner of the lease of record, either the original lessee or the then owner by proper assignments of record, attested to by the recorder, shall be sufficient. No satisfaction or cancellation on the margin of the record shall be sufficient unless it is attested to by the recorder in person or by his or her deputy.
(2) No person shall be required to release of record any portion of an original lease which he or she does not own, but is responsible only for that portion of the lease to which he or she holds title of record.
Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-73-203. Forfeiture conditions and effect - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-73-203.html
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