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Arkansas Code Title 15. Natural Resources and Economic Development § 15-73-204. Release of forfeited lease

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

Any owner of lands upon which a lease for the development of oil or gas or other minerals has been given and the lessee forfeits his or her rights at any time to further prospect for such minerals upon the lands by reason of a failure to pay periodical rentals or failure to perform other conditions that nullify the lease as to lessee's rights therein may give written notice, served in the manner of a legal summons upon the lessee, demanding that the lessee execute and place on record a release which in effect will remove any cloud existing upon the title of the lands as provided in § 15-73-203. Upon failure of the lessee to comply with the notice, he or she shall be liable to the lessor or owner of the lands:

(1) In double damages in whatever sum the owner of the lands may sustain by reason of the cloud or encumbrances upon the lands, after thirty (30) days from the service of the notice, to be not less than two (2) annual rentals as fixed by the original lease; and

(2) For all costs, including a reasonable attorney's fee to be fixed by the court.

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Cite this article: FindLaw.com - Arkansas Code Title 15. Natural Resources and Economic Development § 15-73-204. Release of forfeited lease - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-15-natural-resources-and-economic-development/ar-code-sect-15-73-204/

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