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

Arkansas Statutes

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

Arkansas § 15-72-1111

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This text of Arkansas § 15-72-1111 (Rights of operator not impaired) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 15-72-1111 (2026).

Text

(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.