Arkansas § 15-72-1111 Rights of operator not impaired

Arkansas Statutes

§ 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.

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(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.

Arkansas § 15-72-1111 (Rights of operator not impaired) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.