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28-51-107. Purchase by holder of lien.
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. A text match is a research starting point; applicability is not established.
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Record provenance
Stable record: arkansas_code:legal_authorities:28-51-107
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2ab39ea26d99f8c11096a77b33384f5229494b6e8ec6afa0e0de15263142dc74
Source location: content.xml paragraph 6835
Stored source content
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.
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