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Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-51-303. Order for sale, mortgage, or lease

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

(a) The order for sale, mortgage, or lease shall describe the property to be sold, mortgaged, or leased and may designate the sequence in which the several parcels shall be sold, mortgaged, or leased.

(b)(1) The order shall contain appropriate provisions with respect to the bond of the personal representative and shall direct whether the property shall be sold at private sale or public auction, and if the latter, the place or places of sale.

(2)(A) If the sale is to be at public auction, the property shall be sold for not less than three-fourths (3/4) of its appraised value.

(B) A private sale shall be for not less than ninety percent (90%) of the estimated value thereof, except upon a finding by the court of good cause shown after a hearing for which all interested parties have had reasonable notice.

(3) The order shall direct whether the sale shall be for cash or for cash and deferred payments and the terms on which such deferred payments are to be made.

(c) If real property is to be mortgaged, the order shall fix the maximum amount of principal debt which may be secured, the maximum rate of interest which the debt may bear, and the earliest and latest date of maturity and shall direct the purpose for which the proceeds shall be used.

(d) Except in the case of an oil, gas, or other mineral lease, real property of an estate may not be leased by a personal representative for a term exceeding three (3) years. The order authorizing the lease shall specify the maximum term thereof.

(e) In appropriate cases the order shall specify restrictions, reservations, terms, and conditions under which the property is to be sold, mortgaged, or leased.

(f) An order for sale, mortgage, or lease shall remain in force until terminated by the court.

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Cite this article: FindLaw.com - Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-51-303. Order for sale, mortgage, or lease - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-28-wills-estates-and-fiduciary-relationships/ar-code-sect-28-51-303/

Read this complete Arkansas Code Title 28. Wills, Estates, and Fiduciary Relationships § 28-51-303. Order for sale, mortgage, or lease on Westlaw. Westlaw subscription required.

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