Ark. Code § 15-72-1111

Current with legislation from 2024 effective through May 3, 2024.
Section 15-72-1111 - Rights of operator not impaired
(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.

Ark. Code § 15-72-1111

Added by Act 2021, No. 275,§ 1, eff. 7/28/2021.