Title 4 — Business and Commercial Law
88 chapters · 1,044 sections in this title.
Ark. Code Ann. § 4-9-523 Information from filing office — Sale or license of records
3.9K chars
(a) If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to § 4-9-519(a)(1) and the date and time of the filing of the record. However…
Ark. Code Ann. § 4-9-524 Delay by filing office
0.6K chars
(1) Delay by the filing office beyond a time limit prescribed by this part is excused if:(1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; a…
Ark. Code Ann. § 4-9-525 Fees
3.2K chars
(a) Except as otherwise provided in subsection (e), the fee for filing and indexing a record, whether by paper or electronically, under this part, other than an initial financing statement of the kind described in § 4-9-502(c), is:(1) Records filed only with the Secretary of Stat…
Ark. Code Ann. § 4-9-526 Filing office rules
1.8K chars
(a) The Secretary of State shall adopt and publish rules to implement this chapter. The filing office rules must be:(1) consistent with this chapter; and(2) adopted and published in accordance with the Arkansas Administrative Procedure Act, § 25-15-201 et seq. (1) consistent with…
Ark. Code Ann. § 4-9-527 Duty to report
1.0K chars
(1) The Secretary of State shall report annually on or before October 1 to the Governor and General Assembly on the operation of the filing office. The report must contain a statement of the extent to which:(1) the filing office rules are not in harmony with the rules of filing o…
Ark. Code Ann. § 4-9-528 Methods of payment
3.3K chars
(a) As used in this section:(1) “Prepaid account” means an account:(A) Established by a remitter with the Secretary of State by depositing at least one hundred dollars ($100);(B) That may be used by the Secretary of State to obtain payment from a remitter for the payment of fees …
Ark. Code Ann. § 4-9-529 Unauthorized financing statement filings — Procedures — Remedies
11.8K chars
(a) An individual, representative of an organization, or other lender in the business of making loans or extending credit may file in the filing office a notarized affidavit or sworn affirmation, signed or attested to under penalty of perjury, that identifies a filed financing st…
Ark. Code Ann. § 4-9-601 Rights after default — Judicial enforcement — Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes. [Effective until September 1, 2026.]
2.4K chars
(a) After default, a secured party has the rights provided in this part and, except as otherwise provided in § 4-9-602, those provided by agreement of the parties. A secured party:(1) may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or…
Ark. Code Ann. § 4-9-602 Waiver and variance of rights and duties
4.2K chars
(1) Except as otherwise provided in § 4-9-624, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:(1) Section 4-9-207(b)(4)(C), which deals …
Ark. Code Ann. § 4-9-603 Agreement on standards concerning rights and duties
0.3K chars
(a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in § 4-9-602 if the standards are not manifestly unreasonable. (b) Subsection (a) does not apply to the du…
Ark. Code Ann. § 4-9-604 Procedure if security agreement covers real property or fixtures
2.0K chars
(a) If a security agreement covers both personal and real property, a secured party may proceed:(1) under this part as to the personal property without prejudicing any rights with respect to the real property; or(2) as to both the personal property and the real property in accord…
Ark. Code Ann. § 4-9-605 Unknown debtor or secondary obligor. [Effective until September 1, 2026.]
1.1K chars
(1) A secured party does not owe a duty based on its status as secured party:(1) to a person that is a debtor or obligor, unless the secured party knows:(A) that the person is a debtor or obligor;(B) the identity of the person; and(C) how to communicate with the person; or(2) to …
Ark. Code Ann. § 4-9-606 Time of default for agricultural lien
0.2K chars
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
Ark. Code Ann. § 4-9-607 Collection and enforcement by secured party
4.3K chars
(a) If so agreed, and in any event after default, a secured party:(1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;(2) may take any proceeds to which the secured par…
Ark. Code Ann. § 4-9-608 Application of proceeds of collection or enforcement — Liability for deficiency and right to surplus. [Effective until September 1, 2026.]
4.1K chars
(a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:(1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under § 4-9-607 in the following order to:(A) the …
Ark. Code Ann. § 4-9-609 Secured party's right to take possession after default
0.9K chars
(a) After default, a secured party:(1) may take possession of the collateral; and(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under § 4-9-610. (1) may take possession of the collateral; and (2) without removal, may render equ…
Ark. Code Ann. § 4-9-610 Disposition of collateral after default
2.2K chars
(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, ma…
Ark. Code Ann. § 4-9-611 Notification before disposition of collateral. [Effective until September 1, 2026.]
5.5K chars
(a) In this section, “notification date” means the earlier of the date on which:(1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or(2) the debtor and any secondary obligor waive the right to notification. (1) a secure…
Ark. Code Ann. § 4-9-612 Timeliness of notification before disposition of collateral
0.4K chars
(a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten (10) days or more before the earlies…
Ark. Code Ann. § 4-9-613 Contents and form of notification before disposition of collateral: General. [Effective until September 1, 2026.]
2.9K chars
(1) Except in a consumer-goods transaction, the following rules apply:(1) The contents of a notification of disposition are sufficient if the notification:(A) describes the debtor and the secured party;(B) describes the collateral that is the subject of the intended disposition;(…
Ark. Code Ann. § 4-9-614 Contents and form of notification before disposition of collateral: Consumer-goods transaction. [Effective until September 1, 2026.]
2.9K chars
(1) In a consumer-goods transaction, the following rules apply:(1) A notification of disposition must provide the following information:(A) the information specified in § 4-9-613(1);(B) a description of any liability for a deficiency of the person to which the notification is sen…
Ark. Code Ann. § 4-9-615 Application of proceeds of disposition — Liability for deficiency and right to surplus. [Effective until September 1, 2026.]
6.2K chars
(a) A secured party shall apply or pay over for application the cash proceeds of disposition under § 4-9-610 in the following order to:(1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreem…
Ark. Code Ann. § 4-9-616 Explanation of calculation of surplus or deficiency. [Effective until September 1, 2026.]
7.5K chars
(a) In this section:(1) “Explanation” means a writing that:(A) states the amount of the surplus or deficiency;(B) provides an explanation in accordance with subsection (c) of how the secured party calculated the surplus or deficiency;(C) states, if applicable, that future debits,…
Ark. Code Ann. § 4-9-617 Rights of transferee of collateral
1.3K chars
(a) A secured party's disposition of collateral after default:(1) transfers to a transferee for value all of the debtor's rights in the collateral;(2) discharges the security interest under which the disposition is made; and(3) discharges any subordinate security interest or othe…
Ark. Code Ann. § 4-9-618 Rights and duties of certain secondary obligors
1.1K chars
(a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:(1) receives an assignment of a secured obligation from the secured party;(2) receives a transfer of collateral from the secured party and agre…
Ark. Code Ann. § 4-9-619 Transfer of record or legal title. [Effective until September 1, 2026.]
1.9K chars
(a) In this section, “transfer statement” means a record authenticated by a secured party stating:(1) that the debtor has defaulted in connection with an obligation secured by specified collateral;(2) that the secured party has exercised its post-default remedies with respect to …
Ark. Code Ann. § 4-9-620 Acceptance of collateral in full or partial satisfaction of obligation — Compulsory disposition of collateral. [Effective until September 1, 2026.]
6.9K chars
(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 se…
Ark. Code Ann. § 4-9-621 Notification of proposal to accept collateral. [Effective until September 1, 2026.]
2.3K chars
(a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:(1) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of …
Ark. Code Ann. § 4-9-622 Effect of acceptance of collateral
1.0K chars
(a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:(1) discharges the obligation to the extent consented to by the debtor;(2) transfers to the secured party all of a debtor's rights in the collateral;(3) discharges the secu…
Ark. Code Ann. § 4-9-623 Right to redeem collateral
1.0K chars
(a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender:(1) fulfillment of all obligations secured by the collateral; and(2) the reasonable expenses and attorney's fees described in § 4-9…
Ark. Code Ann. § 4-9-624 Waiver. [Effective until September 1, 2026.]
0.6K chars
(a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under § 4-9-611 only by an agreement to that effect entered into and authenticated after default. (b) A debtor may waive the right to require disposition of collateral under § 4-9-6…
Ark. Code Ann. § 4-9-625 Remedies for secured party's failure to comply with chapter
4.0K chars
(a) If it is established that a secured party is not proceeding in accordance with this chapter, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions. (b) Subject to subsections (c), (d), and (f), a person is liab…
Ark. Code Ann. § 4-9-626 Action in which deficiency or surplus is in issue
4.4K chars
(a) In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:(1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement…
Ark. Code Ann. § 4-9-627 Determination of whether conduct was commercially reasonable
1.7K chars
(a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing th…
Ark. Code Ann. § 4-9-628 Nonliability and limitation on liability of secured party — Liability of secondary obligor. [Effective until September 1, 2026.]
2.9K chars
(a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:(1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement agains…
Ark. Code Ann. § 4-9-701 Effective date
0.1K chars
Acts 2001, No. 1439, takes effect on July 1, 2001.
Ark. Code Ann. § 4-9-702 Savings clause
1.5K chars
(a) Except as otherwise provided in this part, Acts 2001, No. 1439, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect on July 1, 2001. (b) Except as otherwise provided in subsection (c) and …
Ark. Code Ann. § 4-9-703 Security interest perfected before effective date
2.0K chars
(a) A security interest that is enforceable immediately before Acts 2001, No. 1439, takes effect on July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes …
Ark. Code Ann. § 4-9-704 Security interest unperfected before effective date
1.6K chars
(1) A security interest that is enforceable immediately before this act takes effect on July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:(1) remains an enforceable security interest for one (1) year after this act ta…
Ark. Code Ann. § 4-9-705 Effectiveness of action taken before effective date
2.9K chars
(a) If action, other than the filing of a financing statement, is taken before this act takes effect on July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become en…
Ark. Code Ann. § 4-9-706 When initial financing statement suffices to continue effectiveness of financing statement
2.6K chars
(a) The filing of an initial financing statement in the office specified in § 4-9-501 continues the effectiveness of a financing statement filed before this act takes effect on July 1, 2001, if:(1) the filing of an initial financing statement in that office would be effective to …
Ark. Code Ann. § 4-9-707 Amendment of pre-effective-date financing statement
2.5K chars
(a) In this section, “pre-effective-date financing statement” means a financing statement filed before this act takes effect on July 1, 2001. (b) After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwis…
Ark. Code Ann. § 4-9-708 Persons entitled to file initial financing statement or continuation statement
0.8K chars
(1) A person may file an initial financing statement or a continuation statement under this part if:(1) the secured party of record authorizes the filing; and(2) the filing is necessary under this part:(A) to continue the effectiveness of a financing statement filed before this a…
Ark. Code Ann. § 4-9-709 Priority
0.7K chars
(a) This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect on July 1, 2001, former Chapter 9 determines priority. (b) For purposes of § 4-9-322(a), the priority of a sec…
Ark. Code Ann. § 4-9-801 Effective date
0.0K chars
This act takes effect on July 1, 2013.
Ark. Code Ann. § 4-9-802 Savings clause
0.3K chars
(a) Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect. (b) This act does not affect an action, case, or proceeding commenced before this a…
Ark. Code Ann. § 4-9-803 Security interest perfected before effective date
0.8K chars
(a) A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under this chapter as amended by this act if, when this act takes effect, the applicable requirements for attachment and perfection under this c…
Ark. Code Ann. § 4-9-804 Security interest unperfected before effective date
0.7K chars
(1) A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest:(1) without further action, when this act takes effect, if the applicable requirements for perfection under this chapter as amended by t…
Ark. Code Ann. § 4-9-805 Effectiveness of action taken before effective date
3.6K chars
(a) The filing of a financing statement before this act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this chapter as amended by this act. (b) This act does not render ineffective a…
Ark. Code Ann. § 4-9-806 When initial financing statement suffices to continue effectiveness of financing statement
2.7K chars
(a) The filing of an initial financing statement in the office specified in § 4-9-501 continues the effectiveness of a financing statement filed before this act takes effect if:(1) the filing of an initial financing statement in that office would be effective to perfect a securit…