Tag: Arkansas
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Friday Mail Bag: "Hey Daily, What is an Ancillary Probate?"
I am frequently asked to assist families with ancillary probates in oil and gas producing states such as Arkansas, Oklahoma, Wyoming and North Dakota. Wills, trusts and probate law can be complex enough when an executor only has to manage assets in one state. Managing assets in multiple states can be a very onerous task.…
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The Arkansas Franchise Tax Deadline is Looming.
Every year, the Arkansas Secretary of State requires that franchise taxes be paid by May 31, 2013. If you fail to pay by this date, then your business entity will be listed as “not current” and will be subject to penalties and taxes until the current year’s taxes are paid, or the entity formally dissolves.…
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Arkansas Supreme Court Issues Ruling on Writs of Garnishments (Creditors Rejoice)
This morning, the Arkansas Supreme Court issued a very pro-creditor ruling in Primus Automotive Financial Services v. Sherry Wilburn and Kevin Wilburn, 2013 Ark. 258, which was an appeal from Sebastian County, Arkansas Case No. CV-761. The sole issue on review was whether the issuance of a writ of garnishment tolled the statute of limitations…
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Integration (Force Pooling) in Arkansas: What Happens to Unleased Mineral Interests?
If you’ve ever received notice from the Arkansas Oil and Gas Commission that your mineral interest was subject to an integration application, you may have wondered what “integration” actually is. Most states refer to it integration as “force pooling” or “compulsory pooling” of non-consenting mineral interests. In essence, after notice and a hearing, the Arkansas…
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FAQ: What Are The “Title Standards” And Why Are They Important?
The Standards for Examination of Real Estate Titles in Arkansas, or “title standards” for short, have been published since 1995, with the most recent and fourth edition being published just this past week. Attorneys frequently rely on title standards when conducting title examination for their clients. Each state where I practice oil and gas law, including Arkansas,…
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US Supreme Court Hears Arguments in Miller County Class Action Case
The United States Supreme Court heard arguments yesterday in Standard Fire Insurance Co v. Knowles, U.S.Supreme Court, No. 11-1450, a breach of contract case out of Miller County, Arkansas. Knowles involves an insurance companies’ underpayment of an insured’s hail damage claim. Plaintiff sued Standard Fire on behalf of himself and those in Arkansas that were…
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Thomas Daily rated as one of the Mid-South’s Super Lawyers
Congratulations to Thomas A. Daily, member of Daily & Woods, P.L.L.C., for being named as one of the Mid-South’s best lawyers again by the Super Lawyers Publication, in the area of Energy & Natural Resource law. Mr. Daily has practiced with Daily & Woods, P.L.L.C. since 1970, practicing primarily in the field of oil, gas…
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Attention Business Owners: The Deadline to Pay Arkansas Franchise Taxes is Approaching
In Arkansas, for-profit corporations must pay a franchise tax to keep the corporation’s charter. Essentially, a franchise tax is a “privilege tax” imposed on corporations and other business entities, including limited liability companies and other non-exempt companies, that transact business in Arkansas. Ark. Code Ann. 26-54-101, et seq. An example of a non-exempt company would be a…
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The Duhig Rule Explained (Mineral Reservations are Tricky)
Because natural gas exploration has increased in Arkansas in recent years, my clients are often negotiating land transactions where they convey the surface, but retain all or a portion of their mineral interests. One would think that it would be simple to reserve a fractional interest in minerals from the grant, but in truth, it…
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What is a Mineral Title Opinion?
For the last ten years I have been a mineral title lawyer and have enjoyed rendering mineral title opinions for production companies who are exploring and producing in various areas of the country, including the Fayetteville Shale in Arkansas and Arkoma Basin in Western Arkansas and Eastern Oklahoma. This blog post contains portions of a paper…