Arkansas Durable Power of Attorney to Execute Oil and Gas Lease
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How to fill out Durable Power Of Attorney To Execute Oil And Gas Lease?
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FAQ
For your POA to be valid in Arkansas, it must meet these requirements. Mental Capacity for Creating a POA. ... Notarization Requirement. ... Create the POA Using a Statutory Form, Software, or Attorney. ... Sign the POA in the Presence of a Notary Public. ... Store the Original POA in a Safe Place.
The durable (or health care) power of attorney is a legally binding document granting a trusted individual the authority to make important health care and end-of-life decisions on your behalf if you are unable to do so.
1. Durable POA. A durable POA takes effect immediately upon your signature unless the POA states otherwise and allows your agent to continue acting on your behalf even when you are incapacitated. A durable POA terminates only when you die or when a revocation of a POA form is issued.
This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself.
An assignment of oil and gas lease is a contractual agreement between a landowner and an oil or gas company in which the company gains the right to explore for, develop, and produce oil and gas from the property.
What is the granting clause? The granting clause is the clause under which the owner of the oil and gas rights leases the oil and gas rights to the oil and gas company along with the right to develop the oil and gas on a specifically described piece of real estate.
The meaning of the authority granted to you is defined in the Uniform Power of Attorney Act, Arkansas Code Title 28, Chapter 68. If you violate the Uniform Power of Attorney Act, Arkansas Code Title 28, Chapter 68, or act outside the authority granted, you may be liable for any damages caused by your violation.
This Power of Attorney must be dated and must be acknowledged before a notary public. A Power of Attorney that will affect real property must be acknowledged before a notary public and recorded at the court house.
