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28-65-314. Sales, mortgages, etc., of property generally.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-65-314. Sales, mortgages, etc., of property generally.
(a)(1) The real or personal property of the ward not excluding real property in which a minor or mentally incompetent ward has a vested homestead interest, or any part thereof or interest therein, may be sold, conveyed, released, mortgaged, leased, or exchanged or an easement thereon may be granted by the guardian of the estate upon such terms as the court may order for the purpose of paying the ward's debts, for providing for his or her care, maintenance, and education and the care, maintenance, and education of his or her dependents, or for investing the proceeds, or in any other case in which it is for the best interest of the ward.
(2) Participation by a guardian in behalf of his or her ward in the execution and delivery of one (1) or more deeds, bills of sale, assignments, or other appropriate instruments to accomplish the partition in kind between the owners thereof, of real or personal property in which the ward owns an undivided interest, for the purposes of this section shall be deemed an exchange of property of the ward.
(b)(1) A guardian shall not purchase property of the ward unless sold at public sale and approved by the court, and then only if the guardian is a spouse, parent, child, brother, or sister of the ward and is a cotenant with the ward in the property.
(2)(A) This requirement shall not be applicable when a special guardian is appointed to represent the interest of the ward and the special guardian reports to the court after the property has been appraised that the proposed purchase at a private sale is in the best interest of the ward.
(B) The report of the special guardian shall also be subject to the approval of the court after notice to all interested parties is given and a he
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-65-314
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:28-65-314
Source file: gov.ar.code.title.28.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0982de282f7e3ee9ec4424965dfd1f530008cb8230d34711173a30204eb5c301
Source location: content.xml paragraph 9389
Stored source content
28-65-314. Sales, mortgages, etc., of property generally.
(a)(1) The real or personal property of the ward not excluding real property in which a minor or mentally incompetent ward has a vested homestead interest, or any part thereof or interest therein, may be sold, conveyed, released, mortgaged, leased, or exchanged or an easement thereon may be granted by the guardian of the estate upon such terms as the court may order for the purpose of paying the ward's debts, for providing for his or her care, maintenance, and education and the care, maintenance, and education of his or her dependents, or for investing the proceeds, or in any other case in which it is for the best interest of the ward.
(2) Participation by a guardian in behalf of his or her ward in the execution and delivery of one (1) or more deeds, bills of sale, assignments, or other appropriate instruments to accomplish the partition in kind between the owners thereof, of real or personal property in which the ward owns an undivided interest, for the purposes of this section shall be deemed an exchange of property of the ward.
(b)(1) A guardian shall not purchase property of the ward unless sold at public sale and approved by the court, and then only if the guardian is a spouse, parent, child, brother, or sister of the ward and is a cotenant with the ward in the property.
(2)(A) This requirement shall not be applicable when a special guardian is appointed to represent the interest of the ward and the special guardian reports to the court after the property has been appraised that the proposed purchase at a private sale is in the best interest of the ward.
(B) The report of the special guardian shall also be subject to the approval of the court after notice to all interested parties is given and a hearing is held by the court.
(c) Prior to or at the time of the approval of the sale of real or personal property made by a guardian, the court shall ascertain whether the guardian's bond is sufficient in amount and security to protect the estate of the ward with respect to the proceeds of the sale. If not, the court shall require that the guardian's bond be increased or supplemented in amount or security to adequately protect the ward's estate.
(d) The provisions of §§ 28-51-105 — 28-51-109, 28-51-201 — 28-51-203, and 28-51-301 — 28-51-309, relative to decedents' estates, shall apply to sales, mortgages, leases, and exchanges of property of the ward of a guardian, except that the extent of the term of a lease of real property of a ward shall not be limited to three (3) years, nor shall the credit to be extended by the guardian be limited to one (1) year.
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Arkansas Code — all titles (historical 2020) · legal_authorities
28-51-105. Terms of sale.
(a) In all sales of real or personal property, the court may authorize credit to be extended by the personal representative for a period not exceeding ten (10) years from the date of the sale and for an amount not exceeding ninety percent (90%) of the purchase price, the payment of which shall be secured by retention of title or reservation of a vendor's lien and in addition may be secured by notes or bonds with sureties approved by the personal representative, subject to the control of the court.
(b) If credit is authorized, the order shall specify the time of payment, the minimum rate of interest on deferred payments, and the manner in which the payments shall be secured.
(c) However, the extension of credit shall not extend or prohibit the closing of the estate if all other pertinent matters before the estate have been resolved to the court's satisfaction.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-51-105
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 28-51-105. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-51-109. Validity of proceedings — Appeals.
(a)(1) The findings of fact and conclusions of law essential to the validity of a sale, mortgage, lease, exchange, or conveyance of property of an estate by a personal representative, as contained in an order authorizing the sale or other disposition, or in an order confirming the sale or other disposition of property, shall not be subject to collateral attack.
(2) However, on appeal from an order of confirmation, the party appealing may have appellate review not only of the order of confirmation, but also the original order authorizing the sale, mortgage, lease, exchange, or conveyance, although the time as otherwise provided for appeal from the order has elapsed.
(b) Sales or conveyances of property by a personal representative by proceedings not in substantial compliance with the provisions of the Probate Code shall be void.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-51-109
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. The source passage cites 28-51-109. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-51-201. Sale, mortgage, lease, or exchange.
(a) The petition of a personal representative for authority to sell, mortgage, lease, or exchange personal property of an estate shall be heard without notice, or upon such notice as the court may direct.
(b) The court, if satisfied as to the necessity or desirability of the action, may order the personal representative to proceed with the sale or other disposition at public or private sale and upon terms and conditions as by the court may be specifically directed.
(c) The court shall prescribe safeguards to assure that the sale, mortgage, lease, or exchange is for an adequate consideration and for the best interest of the estate.
(d) The court, in its discretion, may require confirmation of any sale or other disposition of personal property.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-51-201
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 28-51-201. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
28-51-203. Sale, mortgage, or lease of real and personal property as a unit.
Whenever in the discretion of the court it is for the best interest of the estate, real and personal property of the estate may be sold, mortgaged, or leased as a unit, but the provisions of the Probate Code with respect to the sale, mortgage, or lease of real property shall apply.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 28-51-203
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 28-51-203. This identifies an authority to review, not proof of applicability.