Title 4 — Business and Commercial Law
88 chapters · 1,044 sections in this title.
Ark. Code Ann. § 4-7-204 Duty of care — Contractual limitation of warehouse's liability
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(a) A warehouse is liable for damages for loss of or injury to the goods caused by its failure to exercise care with regard to the goods that a reasonably careful person would exercise under similar circumstances. Unless otherwise agreed, the warehouse is not liable for damages t…
Ark. Code Ann. § 4-7-205 Title under warehouse receipt defeated in certain cases
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A buyer in ordinary course of business of fungible goods sold and delivered by a warehouse that is also in the business of buying and selling such goods takes the goods free of any claim under a warehouse receipt even if the receipt is negotiable and has been duly negotiated.
Ark. Code Ann. § 4-7-206 Termination of storage at warehouse's option
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(a) A warehouse, by giving notice to the person on whose account the goods are held and any other person known to claim an interest in the goods, may require payment of any charges and removal of the goods from the warehouse at the termination of the period of storage fixed by th…
Ark. Code Ann. § 4-7-207 Goods must be kept separate — Fungible goods
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(a) Unless the warehouse receipt provides otherwise, a warehouse shall keep separate the goods covered by each receipt so as to permit at all times identification and delivery of those goods. However, different lots of fungible goods may be commingled. (b) If different lots of fu…
Ark. Code Ann. § 4-7-208 Altered warehouse receipts
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If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good-faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic ware…
Ark. Code Ann. § 4-7-209 Lien of warehouse
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(a) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, labor, or other charges, pre…
Ark. Code Ann. § 4-7-210 Enforcement of warehouse's lien
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(a) Except as otherwise provided in subsection (b), a warehouse's lien may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in…
Ark. Code Ann. § 4-7-301 Liability for nonreceipt or misdescription — “Said to contain” — “Shipper's weight, load, and count” — Improper handling
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(a) A consignee of a nonnegotiable bill of lading which has given value in good faith, or a holder to which a negotiable bill has been duly negotiated, relying upon the description of the goods in the bill or upon the date shown in the bill, may recover from the issuer damages ca…
Ark. Code Ann. § 4-7-302 Through bills of lading and similar documents of title
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(a) The issuer of a through bill of lading, or other document of title embodying an undertaking to be performed in part by a person acting as its agent or by a performing carrier, is liable to any person entitled to recover on the bill or other document for any breach by the othe…
Ark. Code Ann. § 4-7-303 Diversion — Reconsignment — Change of instructions
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(a) Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on instructions from:(1) the holder of a negotiable bill;(2) t…
Ark. Code Ann. § 4-7-304 Tangible bills of lading in a set
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(a) Except as customary in international transportation, a tangible bill of lading may not be issued in a set of parts. The issuer is liable for damages caused by violation of this subsection. (b) If a tangible bill of lading is lawfully issued in a set of parts, each of which co…
Ark. Code Ann. § 4-7-305 Destination bills
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(a) Instead of issuing a bill of lading to the consignor at the place of shipment, a carrier, at the request of the consignor, may procure the bill to be issued at destination or at any other place designated in the request. (b) Upon request of any person entitled as against a ca…
Ark. Code Ann. § 4-7-306 Altered bills of lading
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An unauthorized alteration or filling in of a blank in a bill of lading leaves the bill enforceable according to its original tenor.
Ark. Code Ann. § 4-7-307 Lien of carrier
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(a) A carrier has a lien on the goods covered by a bill of lading or on the proceeds thereof in its possession for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expenses necessary for …
Ark. Code Ann. § 4-7-308 Enforcement of carrier's lien
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(a) A carrier's lien on goods may be enforced by public or private sale of the goods, in bulk or in packages, at any time or place and on any terms that are commercially reasonable, after notifying all persons known to claim an interest in the goods. The notification must include…
Ark. Code Ann. § 4-7-309 Duty of care — Contractual limitation of carrier's liability
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(a) A carrier that issues a bill of lading, whether negotiable or nonnegotiable, shall exercise the degree of care in relation to the goods which a reasonably careful person would exercise under similar circumstances. This subsection does not affect any statute, regulation, or ru…
Ark. Code Ann. § 4-7-401 Irregularities in issue of receipt or bill or conduct of issuer
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(1) The obligations imposed by this chapter on an issuer apply to a document of title even if:(1) the document does not comply with the requirements of this chapter or of any other statute, rule, or regulation regarding its issuance, form, or content;(2) the issuer violated laws …
Ark. Code Ann. § 4-7-402 Duplicate document of title — Overissue
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A duplicate or any other document of title purporting to cover goods already represented by an outstanding document of the same issuer does not confer any right in the goods, except as provided in the case of tangible bills of lading in a set of parts, overissue of documents for …
Ark. Code Ann. § 4-7-403 Obligation of bailee to deliver — Excuse
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(a) A bailee shall deliver the goods to a person entitled under a document of title if the person complies with subsections (b) and (c), unless and to the extent that the bailee establishes any of the following:(1) delivery of the goods to a person whose receipt was rightful as a…
Ark. Code Ann. § 4-7-404 No liability for good-faith delivery pursuant to document of title
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(1) A bailee that in good faith has received goods and delivered or otherwise disposed of the goods according to the terms of a document of title or pursuant to this chapter is not liable for the goods even if:(1) the person from which the bailee received the goods did not have a…
Ark. Code Ann. § 4-7-501 Form of negotiation and requirements of due negotiation
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(a) The following rules apply to a negotiable tangible document of title:(1) If the document's original terms run to the order of a named person, the document is negotiated by the named person's indorsement and delivery. After the named person's indorsement in blank or to bearer,…
Ark. Code Ann. § 4-7-502 Rights acquired by due negotiation
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(a) Subject to §§ 4-7-205 and 4-7-503, a holder to which a negotiable document of title has been duly negotiated acquires thereby:(1) title to the document;(2) title to the goods;(3) all rights accruing under the law of agency or estoppel, including rights to goods delivered to t…
Ark. Code Ann. § 4-7-503 Document of title to goods defeated in certain cases
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(a) A document of title confers no right in goods against a person that before issuance of the document had a legal interest or a perfected security interest in the goods and that did not:(1) deliver or entrust the goods or any document of title covering the goods to the bailor o…
Ark. Code Ann. § 4-7-504 Rights acquired in absence of due negotiation — Effect of diversion — Stoppage of delivery
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(a) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that its transferor had or had actual authority to convey. (b) In the case of a transfer of a nonnegotiabl…
Ark. Code Ann. § 4-7-505 Indorser not guarantor for other parties
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The indorsement of a tangible document of title issued by a bailee does not make the indorser liable for any default by the bailee or previous indorsers.
Ark. Code Ann. § 4-7-506 Delivery without indorsement — Right to compel indorsement
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The transferee of a negotiable tangible document of title has a specifically enforceable right to have its transferor supply any necessary indorsement, but the transfer becomes a negotiation only as of the time the indorsement is supplied.
Ark. Code Ann. § 4-7-507 Warranties on negotiation or delivery of document of title
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(1) If a person negotiates or delivers a document of title for value, otherwise than as a mere intermediary under § 4-7-508, unless otherwise agreed, the transferor, in addition to any warranty made in selling or leasing the goods, warrants to its immediate purchaser only that:(1…
Ark. Code Ann. § 4-7-508 Warranties of collecting bank as to documents of title
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A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by the delivery of the documents only its own good faith and authority even if the collec…
Ark. Code Ann. § 4-7-509 Adequate compliance with commercial contract
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Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by Chapter 2 of this title (§ 4-2-101 et seq.), Chapter 2A of this title (§ 4-2A-101 et seq.), or Chapter 5 of th…
Ark. Code Ann. § 4-7-601 Lost, stolen, or destroyed documents of title
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(a) If a document of title is lost, stolen, or destroyed, a court may order delivery of the goods or issuance of a substitute document and the bailee may without liability to any person comply with the order. If the document was negotiable, a court may not order delivery of the g…
Ark. Code Ann. § 4-7-602 Judicial process against goods covered by negotiable document of title
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Unless a document of title was originally issued upon delivery of the goods by a person that did not have power to dispose of them, a lien does not attach by virtue of any judicial process to goods in the possession of a bailee for which a negotiable document of title is outstand…
Ark. Code Ann. § 4-7-603 Conflicting claims — Interpleader
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If more than one person claims title to or possession of the goods, the bailee is excused from delivery until the bailee has a reasonable time to ascertain the validity of the adverse claims or to commence an action for interpleader. The bailee may assert an interpleader either i…
Ark. Code Ann. § 4-7-701 Effective Date
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This chapter takes effect on January 1, 2008.
Ark. Code Ann. § 4-7-702 [Reserved.]
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A.C.A. § 4-7-702Current through all legislation of the 2025 Regular Session.History Acts 2007, No. 342, § 1. Arkansas Code of 1987 Annotated Official EditionCopyright © 2026 by the State of Arkansas All rights reserved
Ark. Code Ann. § 4-7-703 Applicability
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This chapter applies to a document of title that is issued or a bailment that arises on or after January 1, 2008. This chapter does not apply to a document of title that is issued or a bailment that arises before January 1, 2008, even if the document of title or bailment would be…
Ark. Code Ann. § 4-7-704 Savings clause
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A document of title issued or a bailment that arises before January 1, 2008, and the rights, obligations, and interests flowing from that document or bailment are governed by any statute or other rule amended or repealed by this chapter as if amendment or repeal had not occurred …
Ark. Code Ann. § 4-8-101 Short title
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This chapter may be cited as Uniform Commercial Code — Investment Securities.
Ark. Code Ann. § 4-8-102 Definitions. [Effective until September 1, 2026.]
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(a) In this Chapter:(1) “Adverse claim” means a claim that a claimant has a property interest in a financial asset and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the financial asset.(2) “Bearer form,” as applied to a ce…
Ark. Code Ann. § 4-8-103 Rules for determining whether certain obligations and interests are securities or financial assets. [Effective until September 1, 2026.]
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(a) A share or similar equity interest issued by a corporation, business trust, joint stock company, or similar entity is a security. (b) An “investment company security” is a security. “Investment company security” means a share or similar equity interest issued by an entity tha…
Ark. Code Ann. § 4-8-104 Acquisition of security or financial asset or interest therein
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(a) A person acquires a security or an interest therein, under this chapter, if:(1) the person is a purchaser to whom a security is delivered pursuant to § 4-8-301; or(2) the person acquires a security entitlement to the security pursuant to § 4-8-501. (1) the person is a purchas…
Ark. Code Ann. § 4-8-105 Notice of adverse claim
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(a) A person has notice of an adverse claim if:(1) the person knows of the adverse claim;(2) the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the exis…
Ark. Code Ann. § 4-8-106 Control. [Effective until September 1, 2026.]
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(a) A purchaser has “control” of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser has “control” of a certificated security in registered form if the certificated security is delivered to the purchaser, and:(1) the …
Ark. Code Ann. § 4-8-107 Whether indorsement, instruction, or entitlement order is effective
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(a) “Appropriate person” means:(1) with respect to an indorsement, the person specified by a security certificate or by an effective special indorsement to be entitled to the security;(2) with respect to an instruction, the registered owner of an uncertificated security;(3) with …
Ark. Code Ann. § 4-8-108 Warranties in direct holding
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(a) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an indorser, if the transfer is by indorsement, warrants to any subsequent purchaser, that:(1) the certificate is genuine and has not been materially altered;(2) the transfe…
Ark. Code Ann. § 4-8-109 Warranties in indirect holding
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(a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that:(1) the entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of th…
Ark. Code Ann. § 4-8-110 Applicability — Choice of law. [Effective until September 1, 2026.]
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(a) The local law of the issuer's jurisdiction, as specified in subsection (d), governs:(1) the validity of a security;(2) the rights and duties of the issuer with respect to registration of transfer;(3) the effectiveness of registration of transfer by the issuer;(4) whether the …
Ark. Code Ann. § 4-8-111 Clearing corporation rules
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A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with this subtitle and affects another party who does not consent to the rule.
Ark. Code Ann. § 4-8-112 Creditor's legal process
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(a) The interest of a debtor in a certificated security may be reached by a creditor only by actual seizure of the security certificate by the officer making the attachment or levy, except as otherwise provided in subsection (d). However, a certificated security for which the cer…
Ark. Code Ann. § 4-8-113 Statute of frauds inapplicable
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A contract or modification of a contract for the sale or purchase of a security is enforceable whether or not there is a writing signed or record authenticated by a party against whom enforcement is sought, even if the contract or modification is not capable of performance within…
Ark. Code Ann. § 4-8-114 Evidentiary rules concerning certificated securities
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(1) The following rules apply in an action on a certificated security against the issuer:(1) Unless specifically denied in the pleadings, each signature on a security certificate or in a necessary indorsement is admitted.(2) If the effectiveness of a signature is put in issue, th…