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16-117-404. Sale or disposal of property.
Arkansas Code — all titles (historical 2020) · legal_authorities
16-117-404. Sale or disposal of property.
(a) Upon the petition of any person interested in the execution of the assignment presented to the circuit court, setting forth the necessity for the sale or disposition of the property or any portion thereof not provided for in the deed of assignment, the circuit court shall make such order in relation thereto as may seem just and for the best interest of the estate, setting forth the time and terms of the sale. The order shall be endorsed upon the petition and filed with the clerk of the circuit court.
(b) Nothing in this section and §§ 16-117-401, 16-117-402, and 16-117-405 shall be construed as to authorize the assignee to sell or dispose of the property until he or she has executed his or her bond in accordance with the provisions of § 16-117-401.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-117-404
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:16-117-404
Source file: gov.ar.code.title.16.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 29793c273bcaeeb756fdb44248cdc6e0a75e6ecd9d6e44108cdaec458e521333
Source location: content.xml paragraph 48161
Stored source content
16-117-404. Sale or disposal of property.
(a) Upon the petition of any person interested in the execution of the assignment presented to the circuit court, setting forth the necessity for the sale or disposition of the property or any portion thereof not provided for in the deed of assignment, the circuit court shall make such order in relation thereto as may seem just and for the best interest of the estate, setting forth the time and terms of the sale. The order shall be endorsed upon the petition and filed with the clerk of the circuit court.
(b) Nothing in this section and §§ 16-117-401, 16-117-402, and 16-117-405 shall be construed as to authorize the assignee to sell or dispose of the property until he or she has executed his or her bond in accordance with the provisions of § 16-117-401.
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Arkansas Code — all titles (historical 2020) · legal_authorities
16-117-401. Assignee to take possession of property — Inventory — Bond to be given.
(a) In all cases in which any person makes an assignment of his or her property for the benefit of his or her creditors, it shall be the duty of the assignee named in the deed of assignment to take immediate possession of the property for the purpose of making an inventory and description of the property and for the care and preservation of the property.
(b) Within ten (10) days after taking possession of the property, the assignee shall file with the clerk of the circuit court a full, true, and complete inventory and description of the property together with his or her bond in double the amount of the supposed value of the property with good security, to be approved by the clerk of the circuit court, which bond shall be conditioned that the assignee shall faithfully execute the trust confided to him or her under the provisions of the deed of assignment, and the order of the circuit court.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-117-401
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 16-117-401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
16-117-402. Actions contesting assignment.
(a) All proceedings for the purpose of contesting the validity of the assignment shall be instituted within six (6) months from the date of the assignment, by filing complaint in the circuit court of the proper county, setting forth the grounds upon which the assignment is contested.
(b) Any creditor or person interested in the execution of the assignment may be made parties plaintiff or defendant to the proceeding.
(c) If, for any cause, the assignment is declared void, the assignment shall then be considered and treated as a general assignment of all his or her property, not exempt from execution, for the benefit of all his or her creditors pro rata. The property shall be disposed of and distributed for their benefit under the orders and direction of the circuit court. The assignee shall become subject to the control and direction of the circuit court in the same manner as if he or she had been appointed a receiver to take charge of the fund in circuit court.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-117-402
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 16-117-402. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
16-117-405. Employment of counsel by assignee.
In case any portion of the property involved in the assignment becomes involved in litigation, that fact, when made known to the circuit court by the assignee, shall authorize the circuit court to direct the assignee to employ counsel either to prosecute or defend in the litigation. The circuit court shall stipulate in the order the percentage to be allowed the attorney as the fee for his or her services, which is to be paid out of the estate.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 16-117-405
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 16-117-405. This identifies an authority to review, not proof of applicability.