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Arkansas Code Title 16. Practice, Procedure, and Courts § 16-66-505. Rights of purchasers

Current as of March 28, 2024 | Updated by Findlaw Staff

(a) Unless the purchaser, within thirty (30) days from the filing of the statement and the making of the endorsement mentioned in § 16-66-504, pays to the officer the amount so bid by the judgment creditor, the endorsement shall operate as a redemption of the property by the judgment creditor and he or she shall succeed to all the rights and liabilities of the purchaser.

(b) If the purchaser pays within the time allowed the amount so bid by the judgment creditor to the officer, it shall bar the redemption. The right of redemption of the judgment creditor as against the purchaser or anyone redeeming from him or her shall be forever foreclosed.

(c)(1) If the purchaser fails to pay over to the officer the amount of the bid as provided in this section, the officer shall pay over to the purchaser the amount so paid by the judgment creditor and credit the execution of the judgment creditor with the amount so bid by him or her, after deducting costs and commissions, and shall execute to the judgment creditor a certificate of sale, in which shall be included as the price paid the amount paid to the purchaser and the amount of the bid of the judgment creditor.

(2) The judgment creditor shall for all purposes of this subchapter be regarded as the purchaser of the property at the price mentioned in the certificate of sale executed to him or her.

(d) Any other judgment creditor may in the same manner redeem from the judgment creditor or each succeeding judgment creditor who may redeem under the provisions of this section.

(e) No redemption shall be allowed after twelve (12) months from the day of the original sale.

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Cite this article: FindLaw.com - Arkansas Code Title 16. Practice, Procedure, and Courts § 16-66-505. Rights of purchasers - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-16-practice-procedure-and-courts/ar-code-sect-16-66-505/

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