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14-187-108. Deed of conveyance.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-187-108. Deed of conveyance.
(a)(1)(A) The transfer of property under this chapter shall be evidenced by a deed of conveyance in the usual form and with the usual covenants of warranty. A lien against the property sold shall be retained in the deed for all of the unpaid purchase price. The lien shall include the indebtedness of the district required to be assumed by the purchaser, with the right in the board of improvement of the district upon default in the payment of any part or portion of the principal or interest, as it matures, to declare all of the purchase price due and payable and to proceed to foreclose the lien on the property.
(B) In the same action or by separate action, the board of improvement and the city shall proceed against the surety on the bond provided for in § 14-187-107 to recover any and all damages that the district may have sustained on account or by reason of the breach of the sale.
(2) The deed of conveyance shall be executed on behalf of the city by the mayor and clerk and on behalf of the improvement district by the chairman and secretary of the board of improvement.
(b)(1) The sale of all property of an improvement district shall not work a forfeiture of the corporate entity of the district until all of the purchase price including the indebtedness of the district so assumed by the purchaser shall have been paid in full.
(2) Upon the payment of all the indebtedness by the purchaser, the lien retained in the deed of conveyance shall be satisfied by a deed of release or by marginal entry upon the deed records where it is recorded, by the mayor and clerk for and in behalf of the city and by the chairman and secretary of the board of improvement for and on behalf of the district.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-187-108
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:14-187-108
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 29d6d59b7aa53ea0eb66ba80385d41b1c8d8009d2a6a32d343f57af42f445e05
Source location: content.xml paragraph 44045
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14-187-108. Deed of conveyance.
(a)(1)(A) The transfer of property under this chapter shall be evidenced by a deed of conveyance in the usual form and with the usual covenants of warranty. A lien against the property sold shall be retained in the deed for all of the unpaid purchase price. The lien shall include the indebtedness of the district required to be assumed by the purchaser, with the right in the board of improvement of the district upon default in the payment of any part or portion of the principal or interest, as it matures, to declare all of the purchase price due and payable and to proceed to foreclose the lien on the property.
(B) In the same action or by separate action, the board of improvement and the city shall proceed against the surety on the bond provided for in § 14-187-107 to recover any and all damages that the district may have sustained on account or by reason of the breach of the sale.
(2) The deed of conveyance shall be executed on behalf of the city by the mayor and clerk and on behalf of the improvement district by the chairman and secretary of the board of improvement.
(b)(1) The sale of all property of an improvement district shall not work a forfeiture of the corporate entity of the district until all of the purchase price including the indebtedness of the district so assumed by the purchaser shall have been paid in full.
(2) Upon the payment of all the indebtedness by the purchaser, the lien retained in the deed of conveyance shall be satisfied by a deed of release or by marginal entry upon the deed records where it is recorded, by the mayor and clerk for and in behalf of the city and by the chairman and secretary of the board of improvement for and on behalf of the district.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-187-107. Payment and securing indebtedness.
(a) Where the sale price is for an amount greater than the outstanding indebtedness of a municipal wharf improvement district, the excess shall be paid in cash.
(b)(1)(A) In the event the purchaser desires to purchase the property and pay off the bonded indebtedness of the district as the bonded indebtedness matures, as a part of the purchase price, then the purchaser shall be required to assume the payment of the indebtedness, together with the accrued interest on it. To secure the payment of the indebtedness, together with the accrued interest on the bonded indebtedness, the purchaser shall be required to give a bond in favor of the city and the district in an amount equal to the unpaid purchase price including the indebtedness of the district.
(B) The bond shall also be for the maintenance of the terminal and terminal facilities and shall remain in full force and effect until the unpaid purchase price, including the indebtedness of the district, has been paid in full. However, the city council and the board of improvement of the district shall have the right to reduce the amount of the bond from time to time in proportion to the amount of the indebtedness as discharged and retired by the purchaser of the improvements.
(2) The bond shall be further conditioned that the purchaser will maintain insurance upon the properties so purchased and sold for an amount to be agreed upon by the board and respective purchaser, with the loss payable clause for the benefit of the district making the sale, as its interests may appear.
(3) The bond provided for in this section shall be approved by the council and the board of the district and shall be made and executed by a corporate surety company authorized to do business in th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-187-107
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-187-107. This identifies an authority to review, not proof of applicability.