Arkansas Code Title 14. Local Government § 14-170-210. Liens
Current as of January 01, 2020 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
(a)(1) Subject to the provisions of this section, there shall exist a statutory mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter which shall exist in favor of the holders and registered owners of the bonds, and in favor of the holders of the coupons attached to the bonds.
(2) The land, buildings, or facilities shall remain subject to the statutory mortgage lien until payment in full of the principal of, and interest on, the bonds.
(b)(1) Anything in this section to the contrary notwithstanding, the ordinance, order, or indenture referred to in § 14-170-207 may impose a foreclosable mortgage lien upon the land, buildings, or facilities acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
(2) The nature and extent of the mortgage lien may be controlled by the ordinance, order, or indenture including, without limitation, provisions pertaining to the release of all, or part of, the land, buildings, or facilities from the mortgage lien and the priority of the mortgage lien in the event of successive bond issues as authorized by § 14-170-207.
(c) Subject to such terms, conditions, and restrictions as may be contained in the ordinance, order, or indenture authorizing or securing the bonds, any holder or registered owner of bonds issued under the provisions of this subchapter, or of any coupon attached to them, may, either at law or in equity, enforce the mortgage lien and may, by proper suit, compel the performance of the duties of the officials of the issuing municipality or county set forth in this subchapter and set forth in any ordinance, order, or indenture authorizing or securing the bonds.
(d) References in this subchapter to mortgage lien shall include, and mean, security interest in any personal property embodied in a tourism project acquired, constructed, reconstructed, extended, equipped, or improved, in whole or in part, with the proceeds of bonds issued under this subchapter.
Cite this article: FindLaw.com - Arkansas Code Title 14. Local Government § 14-170-210. Liens - last updated January 01, 2020 | https://codes.findlaw.com/ar/title-14-local-government/ar-code-sect-14-170-210/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.
Was this helpful?