Arkansas § 15-74-203 - Prohibition on discounting crude for waste, shrinkage, etc. — Proper computation of purchase.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-74-203 — Prohibition on discounting crude for waste, shrinkage, etc. — Proper computation of purchase., with citation guidance and answers to common questions.
§ 15-74-203. Prohibition on discounting crude for waste, shrinkage, etc. — Proper computation of purchase.
It shall be unlawful for any person, firm, or corporation who may purchase any oil produced in this state to in any way discount, dock, or short crude oil for waste, shrinking, or other causes, but such purchases when computed shall be on one hundred percent (100%) net oil measured on one hundred percent (100%) tank-tables and corrected to sixty degrees Fahrenheit (60° F). All production, runs to storage, and deliveries are to be based on one hundred percent (100%) tank-tables, with proper adjustments for temperature, B. S., and water. Any person, firm, or corporation found guilty of violating the provisions of this section shall be adjudged guilty of a misdemeanor and shall be fined in any sum not less than five hundred dollars ($500) nor more than three thousand dollars ($3,000).
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 15-74-203
What does Arkansas Code of 1987 Annotated § 15-74-203 cover?
Section 15-74-203 ("Prohibition on discounting crude for waste, shrinkage, etc. — Proper computation of purchase.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 15-74-203?
A common citation format is "Arkansas Code of 1987 Annotated § 15-74-203" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 15-74-203 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.