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18-45-205. Filing of notice and bond required.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-45-205. Filing of notice and bond required.
(a)(1) The lienholder shall file with a circuit court having jurisdiction a notice under § 18-45-204 to be posted.
(2) The circuit court shall note in the notice the amount of a bond, for the protection of the debtor or property owner, if the lienholder is not entitled to the lien and for the payment of damages if the sale is wrongfully made.
(b) The lienholder shall file a bond so conditioned and in such sum with the circuit court, and the surety thereon shall be approved by the circuit court before making the sale under this subchapter.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-45-205
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:18-45-205
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: c896a3786d5e798a442d3278624ec5d57e4ba81a3fee2cf6b4dcc4f4e05a133b
Source location: content.xml paragraph 9805
Stored source content
18-45-205. Filing of notice and bond required.
(a)(1) The lienholder shall file with a circuit court having jurisdiction a notice under § 18-45-204 to be posted.
(2) The circuit court shall note in the notice the amount of a bond, for the protection of the debtor or property owner, if the lienholder is not entitled to the lien and for the payment of damages if the sale is wrongfully made.
(b) The lienholder shall file a bond so conditioned and in such sum with the circuit court, and the surety thereon shall be approved by the circuit court before making the sale under this subchapter.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-45-204. Procedure for sale of property possessed by lienholder.
(a)(1) The sale shall not take place until the expiration of thirty (30) days from the time the work is completed.
(2)(A) If the debt is not paid at the end of that time, it shall be the duty of the lienholder, not less than ten (10) days before making the sale, to post up written notice of the proposed sale at or near the front door of his or her place of business and at least five (5) other of the most public places in the township.
(B) This written notice of the proposed sale shall specify the property to be sold, the name of the owner or debtor, the time and place of sale, and shall be signed by the lienholder.
(b)(1) At the sale, which shall be at public auction for cash to the highest and best bidder, the lienholder shall have the right to bid not less than the amount of his or her debt.
(2) In case the property sells for more than the amount of the debt, the lienholder shall pay over the surplus on demand to the person entitled thereto after deducting the amount of his or her debt and the actual cost of the sale.
(c) It shall be the duty of the lienholder, besides giving notice as required in subsection (a) of this section, to make demand for the debt before making the sale by registered letter addressed to the last known residence or post office address of the debtor.
(d) In the lienholder's dealings with the property held by him or her, the lienholder shall act in good faith with the debtor and shall be responsible for any abuse of the power and authority vested in him or her by the provisions of this subchapter.
(e) The provisions of § 27-50-1101 shall govern sales of vehicles subject to the registration laws of this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-45-204
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 18-45-204. This identifies an authority to review, not proof of applicability.