Browse Arkansas Code titles and sections
4-9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.
(a) Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license, or franchise, and which term prohibits, restricts, or requires the consent of the person obligated on the promissory note or the account debtor to, the assignment or transfer of, or creation, attachment, or perfection of a security interest in, the promissory note, health-care-insurance receivable, or general intangible, is ineffective to the extent that the term:
(1) would impair the creation, attachment, or perfection of a security interest; or
(2) provides that the assignment or transfer or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the promissory note, health-care-insurance receivable, or general intangible.
(b) Subsection (a) applies to a security interest in a payment intangible or promissory note only if the security interest arises out of a sale of the payment intangible or promissory note, other than a sale pursuant to a disposition under § 4-9-610 or an acceptance of collateral under § 4-9-620.
(c) A rule of law, statute, or regulation that prohibits, restricts, or requires the consent of a government, governmental body or official, person obligated on a promissory note, or account debtor to the assignment or transfer of, or creation of a security interest in, a promissory note, health-care-insurance receivable, or general
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-408
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:4-9-408
Source file: gov.ar.code.title.04.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 9e65cba8ee7c7a29ed0f67fb231cff1c761cc201b7ae06883558bb66bab394df
Source location: content.xml paragraph 10202
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4-9-408. Restrictions on assignment of promissory notes, health-care-insurance receivables, and certain general intangibles ineffective.
(a) Except as otherwise provided in subsection (b), a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license, or franchise, and which term prohibits, restricts, or requires the consent of the person obligated on the promissory note or the account debtor to, the assignment or transfer of, or creation, attachment, or perfection of a security interest in, the promissory note, health-care-insurance receivable, or general intangible, is ineffective to the extent that the term:
(1) would impair the creation, attachment, or perfection of a security interest; or
(2) provides that the assignment or transfer or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the promissory note, health-care-insurance receivable, or general intangible.
(b) Subsection (a) applies to a security interest in a payment intangible or promissory note only if the security interest arises out of a sale of the payment intangible or promissory note, other than a sale pursuant to a disposition under § 4-9-610 or an acceptance of collateral under § 4-9-620.
(c) A rule of law, statute, or regulation that prohibits, restricts, or requires the consent of a government, governmental body or official, person obligated on a promissory note, or account debtor to the assignment or transfer of, or creation of a security interest in, a promissory note, health-care-insurance receivable, or general intangible, including a contract, permit, license, or franchise between an account debtor and a debtor, is ineffective to the extent that the rule of law, statute, or regulation:
(1) would impair the creation, attachment, or perfection of a security interest; or
(2) provides that the assignment or transfer or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the promissory note, health-care-insurance receivable, or general intangible.
(d) To the extent that a term in a promissory note or in an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or general intangible or a rule of law, statute, or regulation described in subsection (c) would be effective under law other than this chapter but is ineffective under subsection (a) or (c), the creation, attachment, or perfection of a security interest in the promissory note, health-care-insurance receivable, or general intangible:
(1) is not enforceable against the person obligated on the promissory note or the account debtor;
(2) does not impose a duty or obligation on the person obligated on the promissory note or the account debtor;
(3) does not require the person obligated on the promissory note or the account debtor to recognize the security interest, pay or render performance to the secured party, or accept payment or performance from the secured party;
(4) does not entitle the secured party to use or assign the debtor's rights under the promissory note, health-care-insurance receivable, or general intangible, including any related information or materials furnished to the debtor in the transaction giving rise to the promissory note, health-care-insurance receivable, or general intangible;
(5) does not entitle the secured party to use, assign, possess, or have access to any trade secrets or confidential information of the person obligated on the promissory note or the account debtor; and
(6) does not entitle the secured party to enforce the security interest in the promissory note, health-care-insurance receivable, or general intangible.
(e) Except to the extent otherwise provided in subsection (f), this section prevails over any inconsistent provision of an existing or future statute, rule or regulation of this state unless the provision is contained in a statute of this state, refers expressly to this section and states that the provision prevails over this section.
(f) Subsections (a) and (c) do not apply to an assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in:
(1) a right the assignment or transfer of which is prohibited or restricted by § 11-9-110(a).
(2) a claim or right to receive amounts (whether by suit or agreement and whether as lump sums or as periodic payments) as damages (other than punitive damages) on account of personal physical injuries or physical sickness.
(3) a claim or right to receive benefits under a special needs trust as described in 42 U.S.C. § 1396p(d)(4).
Cross-references
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Imposition of lien against property of an individual on account of medical assistance rendered to him under a State plan**
(1) No lien may be imposed against the property of any individual prior to his death on account of medical assistance paid or to be paid on his behalf under the State plan, except—
(A) pursuant to the judgment of a court on account of benefits incorrectly paid on behalf of such individual, or
(B) in the case of the real property of an individual—
(i) who is an inpatient in a nursing facility, intermediate care facility for the mentally retarded, or other medical institution, if such individual is required, as a condition of receiving services in such institution under the State plan, to spend for costs of medical care all but a minimal amount of his income required for personal needs, and
(ii) with respect to whom the State determines, after notice and opportunity for a hearing (in accordance with procedures established by the State), that he cannot reasonably be expected to be discharged from the medical institution and to return home,
except as provided in paragraph (2).
(2) No lien may be imposed under paragraph (1)(B) on such individual’s home if—
(A) the spouse of such individual,
(B) such individual’s child who is under age 21, or (with respect to States eligible to participate in the State program established under subchapter XVI) is blind or permanently and totally disabled, or (with respect to States which are not eligible to participate in such program) is blind or disabled as defined in [section 1382c of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1382c&num=0&edition=prelim), or
(C) a sibling of such individual (who has an equity interest in such home and who
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 1396p
Stored review status: release_metadata_unconfirmed. The source passage cites 42 U.S.C. § 1396p. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
Page 4254
TITLE 42—THE PUBLIC HEALTH AND WELFARE
§ 1396p
Subsec. (c)(2)(B). Pub. L. 109–432, § 405(a)(2)(D), sub-
stituted ‘‘not subject to cost sharing under subsection
(a) due to the application of paragraph (1)(B)’’ for ‘‘oth-
erwise not subject to cost sharing due to the applica-
tion of subsection (b)(3)(B)’’.
Subsec. (c)(2)(C). Pub. L. 109–432, § 405(a)(1)(D), in-
serted ‘‘under subsection (a)(2)(B) or’’ after ‘‘cost shar-
ing applied’’.
Subsec. (e). Pub. L. 109–171, § 6043(a), added subsec. (e).
Subsec. (e)(2)(A). Pub. L. 109–432, § 405(a)(2)(E), sub-
stituted ‘‘Individuals with family income between 100
and 150 percent of the poverty line’’ for ‘‘For poorest
beneficiaries’’
in
heading
and
‘‘under
subsection
(b)(1)(B)(ii)’’ for ‘‘under subsection (b)(1)’’ in text.
Pub. L. 109–432, § 405(a)(1)(E), inserted ‘‘who is not de-
scribed in subparagraph (B)’’ after ‘‘in subsection
(b)(1)’’.
Subsec. (e)(2)(B). Pub. L. 109–432, § 405(a)(2)(F), sub-
stituted ‘‘described in subsection (a)(2)(A) or who is not
subject to cost sharing under subsection (b)(3)(B) with
respect to non-emergency services described in para-
graph (1)’’ for ‘‘who is otherwise not subject to cost
sharing under subsection (b)(3)’’.
Subsec. (e)(2)(C). Pub. L. 109–432, § 405(a)(2)(G), in-
serted ‘‘or section 1396o of this title’’ after ‘‘subsection
(a)’’.
Pub. L. 109–432, § 405(a)(1)(D), inserted ‘‘under sub-
section (a)(2)(B) or’’ after ‘‘cost sharing applied’’.
Subsec. (e)(4)(A). Pub. L. 109–432, § 405(a)(5), struck
out ‘‘the physician determines’’ after ‘‘a hospital that’’.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2022 AMENDMENT
Amendment by Pub. L. 117–169 effective on the 1st
day of the 1st fiscal quarter that begins on or after the
date that is 1 year af
Source: Supplied 2024 U.S. Code historical extraction · 42 U.S.C. § 1396p
Stored review status: historical_2024_not_currentness_verified. The source passage cites 42 U.S.C. § 1396p. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
11-9-110. Compensation nonassignable, etc., and payable to dependents only — Child support obligations excepted — Definition.
(a) The right to compensation shall not be assignable and shall not be subject to garnishment, attachment, levy, execution, or any other legal process, except for child support obligations and moneys retained by the Division of Correction under § 12-30-406(a)(1).
(b) Money compensation to dependents of a deceased employee shall not constitute assets of the estate of the deceased employee and shall be payable to and for the benefit of the dependents alone.
(c)(1) On or after June 30, 1993, the Workers' Compensation Commission shall forward monthly a computer tape listing the name, address, and Social Security number, if available, on all persons for whom the commission has established a file during the preceding month to the Office of Child Support Enforcement. The computer tape shall also include the name of the workers' compensation carrier and the name of the employer.
(2) The same information shall be provided to individuals who apply for the information with the commission on an individual employee to an individual certifying that they have an interest in the child support obligations of the employee on whom the information is requested.
(d)(1) Amounts withheld from weekly compensation benefits for child support obligations shall not exceed twenty-five percent (25%) of the benefit amount.
(2) Amounts withheld from a lump-sum settlement on a joint petition for child support obligations shall not exceed fifty percent (50%) of the settlement amount.
(e) Any amount withheld under subsection (d) of this section shall be paid through the appropriate court payable to the person or agency to whom the obligation is payable.
(f) Any amo
Source: Arkansas Code — historical release 78 (November 6, 2020) · 11-9-110
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 11-9-110. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-610. Disposition of collateral after default.
(a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(b) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one (1) or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c) A secured party may purchase collateral:
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e) A secured party may disclaim or modify warranties under subsection (d):
(1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f) A record is sufficient to disclaim warranties under subsection (e) if it indicates “There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition” or uses words of similar import.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-610
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 4-9-610. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
4-9-620. Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral.
(a) Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if:
(1) the debtor consents to the acceptance under subsection (c);
(2) the secured party does not receive, within the time set forth in subsection (d), a notification of objection to the proposal authenticated by:
(A) a person to which the secured party was required to send a proposal under § 4-9-621; or
(B) any other person, other than the debtor, holding an interest in the collateral subordinate to the security interest that is the subject of the proposal;
(3) if the collateral is consumer goods, the collateral is not in the possession of the debtor when the debtor consents to the acceptance; and
(4) subsection (e) does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to § 4-9-624.
(b) A purported or apparent acceptance of collateral under this section is ineffective unless:
(1) the secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and
(2) the conditions of subsection (a) are met.
(c) For purposes of this section:
(1) a debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default; and
(2) a debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party:
(A) sends to the debtor af
Source: Arkansas Code — historical release 78 (November 6, 2020) · 4-9-620
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 4-9-620. This identifies an authority to review, not proof of applicability.