18-45-404. Proceedings to sell property retained by lienholder.

Arkansas Code — all titles (historical 2020) · legal_authorities

18-45-404. Proceedings to sell property retained by lienholder.

18-45-404. Proceedings to sell property retained by lienholder. (a)(1) The sale shall not take place until the expiration of ninety (90) 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. (B) This written notice of the proposed sale shall specify the property to be sold, the name of the debtor, and the time and place of sale. The sale shall be at public auction for cash to the highest and best bidder. (b) The lienholder shall have the right to bid not less than the amount of his or her debt. In case the property sells for more than the amount of the debt, the lienholder shall pay over any 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 of the debtor. (d) In the lienholder's dealings with the property held by him or her, the lienholder shall act in good faith to the debtor.

Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-45-404

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.