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28-40-115. Contest of will — Rights of persons acquiring interest in property prior to filing of objections.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-40-115. Contest of will — Rights of persons acquiring interest in property prior to filing of objections.
(a) If, prior to the filing of an objection to the probate of a will, real or personal property or any security interest therein is acquired for value by a purchaser from, or a lender to, the personal representative of the estate or a distributee or devisee of the property by the terms of a will, the purchaser or lender shall take title free of rights of any interested person in the estate and incurs no personal liability to the estate or to any interested person whether or not the distribution was proper or supported by court order.
(b)(1) This section protects a purchaser from, or lender to, a distributee, devisee, or personal representative who has executed a deed or security instrument to the purchaser or lender prior to the filing of objections to the will.
(2) To be protected under this provision, a purchaser or lender need not inquire whether a personal representative acted properly in making the distribution in kind, even if the personal representative and the distributee or devisee are the same person.
(c) Any properly recorded instruments conveying such property on which a state documentary fee is noted pursuant to §§ 26-60-101 — 26-60-103 and 26-60-105 — 26-60-112 shall be prima facie evidence that the transfer was made for value and shall not be adversely affected should a will be later set aside in the manner provided by law.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-40-115
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:28-40-115
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 60910ea92194a34103d72f821acc9a08e7434e43e86e65468a7e26afc0fc5ec7
Source location: content.xml paragraph 4410
Stored source content
28-40-115. Contest of will — Rights of persons acquiring interest in property prior to filing of objections.
(a) If, prior to the filing of an objection to the probate of a will, real or personal property or any security interest therein is acquired for value by a purchaser from, or a lender to, the personal representative of the estate or a distributee or devisee of the property by the terms of a will, the purchaser or lender shall take title free of rights of any interested person in the estate and incurs no personal liability to the estate or to any interested person whether or not the distribution was proper or supported by court order.
(b)(1) This section protects a purchaser from, or lender to, a distributee, devisee, or personal representative who has executed a deed or security instrument to the purchaser or lender prior to the filing of objections to the will.
(2) To be protected under this provision, a purchaser or lender need not inquire whether a personal representative acted properly in making the distribution in kind, even if the personal representative and the distributee or devisee are the same person.
(c) Any properly recorded instruments conveying such property on which a state documentary fee is noted pursuant to §§ 26-60-101 — 26-60-103 and 26-60-105 — 26-60-112 shall be prima facie evidence that the transfer was made for value and shall not be adversely affected should a will be later set aside in the manner provided by law.
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Arkansas Code — all titles (historical 2020) · legal_authorities
26-60-101. Definition.
As used in this chapter, “consideration” means the amount of full actual consideration paid or to be paid for the property conveyed, including the amount of any purchase-money encumbrance executed by the purchaser.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-60-101
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 26-60-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-60-103. Enforcement by Secretary of the Department of Finance and Administration.
The enforcement of the provisions of this chapter shall be the responsibility of the Secretary of the Department of Finance and Administration under rules to be promulgated by the secretary.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-60-103
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 26-60-103. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-60-105. Levy on deeds, instruments, and writings — Additional tax.
(a) There is levied on each deed, instrument, or writing by which any lands, tenements, or other realty is granted, assigned, transferred, or otherwise conveyed to, or vested in, the purchaser or any other person by the purchaser's direction, when the consideration for the lands, tenements, or other realty conveyed exceeds one hundred dollars ($100), a tax at the rate of one dollar and ten cents ($1.10) for each one thousand dollars ($1,000) or fractional part thereof.
(b) In addition to the tax levied in subsection (a) of this section, there is levied an additional tax of two dollars and twenty cents ($2.20) for each one thousand dollars ($1,000) or fractional part thereof to be paid by the purchaser and to be allocated and used for the purposes stated in § 15-12-103.
(c)(1) The taxes levied under this section shall be based solely on the consideration given for the lands, tenements, or other realty, and a tax shall not be levied under this section on the consideration given for tangible personal property or intangible personal property.
(2) If a grant, assignment, transfer, or other conveyance involves lands, tenements, or other realty in addition to tangible personal property or intangible personal property, then the taxes levied under this section shall be based solely on the consideration for the lands, tenements, or other realty.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-60-105
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 26-60-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
26-60-112. Disposition of funds collected.
(a) The revenues from the additional tax levied by § 26-60-105(b) shall be deemed special revenues and shall be deposited and distributed according to § 15-12-103.
(b) The revenues derived from the tax levied by § 26-60-105(a) shall be deposited by the Secretary of the Department of Finance and Administration into the State Treasury, and the Treasurer of State after deducting three percent (3%) of the revenues for distribution to the Constitutional Officers Fund and the State Central Services Fund to be used for the purposes as provided by law shall distribute the net amount of the revenues as follows:
(1) Ten percent (10%) of the remainder shall be distributed as special revenues, as follows:
(A) The first one hundred fifty-seven thousand five hundred dollars ($157,500) of the remainder during each fiscal year shall be credited to the County Clerks Continuing Education Fund, the Circuit Clerks Continuing Education Fund, and the County Coroners Continuing Education Fund that are established in the State Treasury, to be used for defraying the expenses of training seminars and other educational projects benefiting county and circuit clerks and coroners in this state, as provided by appropriations enacted by the General Assembly and shall be used as follows:
(i)(a) Fifty-two thousand five hundred dollars ($52,500) for county clerks' continuing education.
(b) Any unexpended balances of moneys designated for county clerks' continuing education shall be retained exclusively for the purpose of county clerks' continuing education;
(ii)(a) Fifty-two thousand five hundred dollars ($52,500) for circuit clerks' continuing education.
(b) Any unexpended balances of moneys designated for circuit clerks' continuing education sh
Source: Arkansas Code — historical release 78 (November 6, 2020) · 26-60-112
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 26-60-112. This identifies an authority to review, not proof of applicability.