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28-50-109. Secured claims.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-50-109. Secured claims.
(a) If a claim is secured, in whole or in part, the security shall be described in the proof of claim.
(b) Written instruments evidencing the security shall be subject to the provisions of § 28-50-103 relative to written instruments upon which a claim is founded. However, if the instrument is recorded in any public record, a duly authenticated copy may be exhibited in lieu of the original.
(c) Subject to the requirements of subsections (a) and (b) of this section, a secured claim may be presented, filed, and allowed in the same manner and subject to the same conditions as an unsecured claim.
(d) An order allowing a secured claim shall identify it as such and shall describe the security, either in detail or by reference to a recorded instrument in which a detailed description may be found.
(e) Payment of a secured claim, after allowance, shall be made only as follows:
(1) If the creditor surrenders all of his or her security to the personal representative, then upon the basis of the full amount thereof, as an unsecured claim;
(2) If the creditor, proceeding with due diligence and in a manner provided by law, liquidates and applies to the payment of his or her claim the proceeds of all or a part of his or her security and surrenders to the personal representative any part not so liquidated and applied, then upon the basis of the balance of the claim remaining unpaid, as an unsecured claim;
(3) If the secured creditor fails to surrender his or her security as provided in subdivision (e)(1) of this section, or to initiate proceedings as provided in subdivision (e)(2) of this section, within sixty (60) days after the expiration of the period for filing claims against the estate, or within such additional time as the court by order m
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-50-109
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:28-50-109
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5353ea9057ba5cebbd3d06d9ab23f83492f1bd2c544e6137581b92184d44b3ce
Source location: content.xml paragraph 6519
Stored source content
28-50-109. Secured claims.
(a) If a claim is secured, in whole or in part, the security shall be described in the proof of claim.
(b) Written instruments evidencing the security shall be subject to the provisions of § 28-50-103 relative to written instruments upon which a claim is founded. However, if the instrument is recorded in any public record, a duly authenticated copy may be exhibited in lieu of the original.
(c) Subject to the requirements of subsections (a) and (b) of this section, a secured claim may be presented, filed, and allowed in the same manner and subject to the same conditions as an unsecured claim.
(d) An order allowing a secured claim shall identify it as such and shall describe the security, either in detail or by reference to a recorded instrument in which a detailed description may be found.
(e) Payment of a secured claim, after allowance, shall be made only as follows:
(1) If the creditor surrenders all of his or her security to the personal representative, then upon the basis of the full amount thereof, as an unsecured claim;
(2) If the creditor, proceeding with due diligence and in a manner provided by law, liquidates and applies to the payment of his or her claim the proceeds of all or a part of his or her security and surrenders to the personal representative any part not so liquidated and applied, then upon the basis of the balance of the claim remaining unpaid, as an unsecured claim;
(3) If the secured creditor fails to surrender his or her security as provided in subdivision (e)(1) of this section, or to initiate proceedings as provided in subdivision (e)(2) of this section, within sixty (60) days after the expiration of the period for filing claims against the estate, or within such additional time as the court by order may prescribe, or before the filing of a final settlement by the personal representative if it is filed after the expiration of the sixty-day period, he or she shall be deemed to have elected to waive his or her claim against the estate and shall have recourse only against his or her security for the payment of the debt secured thereby;
(4) If the obligation constituting the basis of a secured claim which has been allowed is not due, then the court, after a hearing on a petition filed by an interested person if it is found for the best interest of the estate and not injurious to the creditors, may order an acceleration of maturity of the obligation, but only by consent of the creditor if the obligation was incurred prior to July 1, 1949, and shall determine the present value of the claim as provided in § 28-50-108; and
(5) After allowance of a secured claim based upon an obligation which is due under the provisions of the contract or which has become due by order of the court as authorized in subdivision (e)(4) of this section, if the creditor has not proceeded as authorized in subdivision (e)(1) or (e)(2) of this section, upon petition of an interested person and after due hearing if found for the best interest of the estate or required for the protection of unsecured creditors the court may:
(A) Order the property constituting the security to be sold free of the lien of the secured creditor, subject to the provisions of § 28-51-107;
(B) Order the sale of the decedent's title to or equity of redemption in the property subject to the lien or title held by the secured creditor; or
(C) Order the personal representative to abandon the property as of no value to the estate, without prejudice to dower or homestead rights or to the rights of the distributees. If the property is ordered sold free of the lien, the proceeds shall be applied first to the payment of costs incident to the sale, and next to the payment of the secured claim, and the balance, if any, shall be paid to the personal representative.
(f) This section shall not apply to contingent claims except as to security given by the decedent to the creditor holding the contingent claim.
Cross-references
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-50-103. Form and verification of claims.
(a) No claim shall be allowed against an estate on application of the claimant unless it shall be in writing, describe the nature and the amount of the claim, if ascertainable, and be accompanied by the affidavit of the claimant or someone for him or her that the amount is justly due or, if not yet due, when it will or may become due, that no payments have been made on the claim which are not credited, and that there are no offsets to the claim, to the knowledge of the affiant, except as stated in the claim.
(b) If the claim is contingent, the nature of the contingency shall be stated also.
(c) If the claim has been assigned after the death of the decedent, the affidavit required in this section shall be made by or on behalf of the person owning the claim at the date of death of the decedent and by or on behalf of the assignee.
(d) If a claim is founded on a written instrument, the original or a copy thereof with all endorsements must be attached to the claim.
(e) The original instrument must be exhibited to the personal representative or court, upon demand, unless it is lost or destroyed, in which case its loss or destruction must be stated in the claim.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-50-103
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 28-50-103. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-50-108. Claims not due.
(a) Upon proof of a claim which will become due at some future time, the amount of which is capable of ascertainment, the court shall allow it at the present value of the claim, and payment may be made as in the case of an absolute claim which has been allowed.
(b) However, if the obligation upon which the claim was founded was entered into before July 1, 1949, payment may be made as provided in subsection (a) of this section if the creditor agrees thereto. Otherwise, the court may order the personal representative to retain in his or her hands sufficient funds to satisfy the claim upon maturity, or, if the distributees shall give a bond acceptable to the creditor and approved by the court for the payment of the creditor's claim in accordance with the terms thereof, the court may order the bond to be given in satisfaction of the claim and the estate may be closed.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-50-108
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. The source passage cites 28-50-108. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-51-107. Purchase by holder of lien.
(a) At any sale of real or personal property upon which there is a mortgage, pledge, or other lien, the holder thereof may become the purchaser and, unless the property is being sold subject to the lien, may apply the amount of his or her lien on the purchase price in the following manner:
(1) If no claim thereon has been filed or allowed, the court, at the hearing on the report of sale and for confirmation of the sale, may examine the validity and enforceability of the lien or charge and the amount due thereunder and secured thereby and may authorize the personal representative to accept the receipt of the purchaser for the amount due thereunder and secured thereby as payment pro tanto.
(2) If the mortgage, pledge, or other lien is a valid claim against the estate and has been allowed, the receipt of the purchaser for the amount due him or her from the proceeds of the sale is a payment pro tanto.
(b) Nothing permitted under the terms of this section shall be deemed to be an allowance of a claim based upon the mortgage, pledge, or other lien.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-51-107
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 28-51-107. This identifies an authority to review, not proof of applicability.