Ark. Code Ann. § 4-32-1304 (2020)

1. It is the policy of this chapter to give maximum effect to the principle of freedom of contract and to the enforceability of operating agreements.
2. Unless displaced by particular provisions of this chapter, the principles of law and equity supplement this chapter.
3. Rules that statutes in derogation of the common law are to be strictly construed shall have no application to this chapter.
4. Neither this chapter nor any amendment of this chapter shall be construed so as to impair the obligations of any contract existing when the chapter or amendment goes into effect, nor to affect any action or proceedings begun or right accrued before the chapter or amendment takes effect.

History. Acts 1993, No. 1003, § 1310.