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28-53-116. Missing or unavailable distributees.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-53-116. Missing or unavailable distributees.
(a)(1) If, upon the filing of a petition for an order of final distribution, it appears that any distributee of the estate cannot be found, or for any reason the personal representative is unable to deliver to a distributee his or her distributable share of the estate and obtain a receipt therefor, the court may order the personal representative to sell the nonliquid assets distributable to the distributee, in the manner authorized by the provisions of the Probate Code for the sale of the property by a personal representative, and to deposit in the registry of the court, by payment to the clerk of the court, the funds distributable to the distributee. The receipt of the clerk of the court for such funds shall constitute a complete acquittance therefor to the personal representative.
(2) If it is shown that it is in the best interests of the estate that the whole title to the nonliquid assets be sold, clear of the claim of the missing distributee, rather than only that portion of the assets distributable to the distributee, then the sale may be ordered.
(b)(1) The court shall direct, by order, the clerk of the court as to how the funds shall be held in safekeeping and may authorize the clerk to deposit the funds at interest in a designated financial institution, the deposits of which are insured, in whole or in part, by an agency of the United States Government, to the credit of the clerk and his or her successors in office for the use and benefit of the distributee, or to invest the funds, or any part of them, in bonds of the United States or the State of Arkansas. The order shall specify when and under what conditions further orders may be obtained for the ultimate distribution of the fund.
(2) Prior to making the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-53-116
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:28-53-116
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 31fcae937cc4ddb029bdfd64dcf38a3e86c5f4cfaeedcefae8f4ed4ed471eac5
Source location: content.xml paragraph 7768
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28-53-116. Missing or unavailable distributees.
(a)(1) If, upon the filing of a petition for an order of final distribution, it appears that any distributee of the estate cannot be found, or for any reason the personal representative is unable to deliver to a distributee his or her distributable share of the estate and obtain a receipt therefor, the court may order the personal representative to sell the nonliquid assets distributable to the distributee, in the manner authorized by the provisions of the Probate Code for the sale of the property by a personal representative, and to deposit in the registry of the court, by payment to the clerk of the court, the funds distributable to the distributee. The receipt of the clerk of the court for such funds shall constitute a complete acquittance therefor to the personal representative.
(2) If it is shown that it is in the best interests of the estate that the whole title to the nonliquid assets be sold, clear of the claim of the missing distributee, rather than only that portion of the assets distributable to the distributee, then the sale may be ordered.
(b)(1) The court shall direct, by order, the clerk of the court as to how the funds shall be held in safekeeping and may authorize the clerk to deposit the funds at interest in a designated financial institution, the deposits of which are insured, in whole or in part, by an agency of the United States Government, to the credit of the clerk and his or her successors in office for the use and benefit of the distributee, or to invest the funds, or any part of them, in bonds of the United States or the State of Arkansas. The order shall specify when and under what conditions further orders may be obtained for the ultimate distribution of the fund.
(2) Prior to making the order, the court shall investigate the bond of the clerk, and if it is found to be insufficient in amount to protect the funds of the distributee, the court shall designate the county treasurer as the depository of the funds, subject to the provisions of this section with respect to the deposit of the funds with the clerk of the court.
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