reglab/housing_qa huggingface dataset:
AR Code § 4-8-503 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-503. Property interest of entitlement holder in financial asset held by securities intermediary

 (a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement holders, are not property of the securities intermediary, and are not subject to claims of creditors of the securities intermediary, except as otherwise provided in § 4-8-511.  (b) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) is a pro rata property interest in all interests in that financial asset held by the securities intermediary, without regard to the time the entitlement holder acquired the security entitlement or the time the securities intermediary acquired the interest in that financial asset.  (c) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against the securities intermediary only by exercise of the entitlement holder's rights under §§ 4-8-505 — 4-8-508.  (d) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against a purchaser of the financial asset or interest therein only if:  (1) insolvency proceedings have been initiated by or against the securities intermediary;  (2) the securities intermediary does not have sufficient interests in the financial asset to satisfy the security entitlements of all of its entitlement holders to that financial asset;  (3) the securities intermediary violated its obligations under § 4-8-504 by transferring the financial asset or interest therein to the purchaser; and  (4) the purchaser is not protected under subsection (e).    (e) An action based on the entitlement holder's property interest with respect to a particular financial asset under subsection (a), whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against any purchaser of a financial asset or interest therein who gives value, obtains control, and does not act in collusion with the securities intermediary in violating the securities intermediary's obligations under § 4-8-504.    The trustee or other liquidator, acting on behalf of all entitlement holders having security entitlements with respect to a particular financial asset, may recover the financial asset, or interest therein, from the purchaser. If the trustee or other liquidator elects not to pursue that right, an entitlement holder whose security entitlement remains unsatisfied has the right to recover its interest in the financial asset from the purchaser.
AR Code § 4-8-504 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-504. Duty of securities intermediary to maintain financial asset

 (a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those financial assets directly or through one (1) or more other securities intermediaries.  (b) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary may not grant any security interests in a financial asset it is obligated to maintain pursuant to subsection (a).  (c) A securities intermediary satisfies the duty in subsection (a) if:  (1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or  (2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.    (d) This section does not apply to a clearing corporation that is itself the obligor of an option or similar obligation to which its entitlement holders have security entitlements.
AR Code § 4-8-505 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-505. Duty of securities intermediary with respect to payments and distributions

 (a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:  (1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or  (2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.    (b) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary.
AR Code § 4-8-506 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder

 A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:   (1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or  (2) in the absence of agreement, the securities intermediary either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
AR Code § 4-8-507 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-507. Duty of securities intermediary to comply with entitlement order

 (a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A securities intermediary satisfies the duty if:  (1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or  (2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to comply with the entitlement order.    (b) If a securities intermediary transfers a financial asset pursuant to an ineffective entitlement order, the securities intermediary shall reestablish a security entitlement in favor of the person entitled to it, and pay or credit any payments or distributions that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the securities intermediary is liable to the entitlement holder for damages.
AR Code § 4-8-508 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding

 A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies the duty if:   (1) the securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or  (2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
AR Code § 4-8-509 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-509. Specification of duties of securities intermediary by other statute or regulation — Manner of performance of duties of securities intermediary and exercise of rights of entitlement holder

 (a) If the substance of a duty imposed upon a securities intermediary by §§ 4-8-504 — 4-8-508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.  (b) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.  (c) The obligation of a securities intermediary to perform the duties imposed by §§ 4-8-504 — 4-8-508 is subject to:  (1) rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and  (2) rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.    (d) Sections 4-8-504 — 4-8-508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.
AR Code § 4-8-510 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-510. Rights of purchaser of security entitlement from entitlement holder

 (a) In a case not covered by the priority rules in Chapter 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.  (b) If an adverse claim could not have been asserted against an entitlement holder under § 4-8-502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.  (c) In a case not covered by the priority rules in Chapter 9, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (d), purchasers who have control rank according to priority in time of:  (1) the purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under § 4-8-106(d)(1);  (2) the securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under § 4-8-106(d)(2); or  (3) if the purchaser obtained control through another person under § 4-8-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.    (d) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.
AR Code § 4-8-511 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 5 - Security Entitlements|§ 4-8-511. Priority among security interests and entitlement holders

 (a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.  (b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.  (c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.
AR Code § 4-8-603 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 8 - Investment Securities|Part 6 - Applicability|§ 4-8-603. Savings clause

 (a) This chapter does not affect an action or proceeding commenced before this chapter takes effect.  (b) If a security interest in a security is perfected on or before the date this chapter takes effect, and the action by which the security interest was perfected would suffice to perfect a security interest under this chapter, no further action is required to continue perfection. If a security interest in a security is perfected on or before the date this chapter takes effect but the action by which the security interest was perfected would not suffice to perfect a security interest under this chapter, the security interest remains perfected for a period of four (4) months after the effective date and continues perfected thereafter if appropriate action to perfect under this chapter is taken within that period. If a security interest is perfected at the date this chapter takes effect and the security interest can be perfected by filing under this chapter, a financing statement signed by the secured party instead of the debtor may be filed within that period to continue perfection or thereafter to perfect.
AR Code § 4-9-401 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Part 4 - Rights of Third Parties|§ 4-9-401. Alienability of debtor's rights

 (a) Except as otherwise provided in subsection (b) and §§ 4-9-406 — 4-9-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this chapter.  (b) An agreement between the debtor and secured party which prohibits a transfer of the debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.
AR Code § 4-9-402 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Part 4 - Rights of Third Parties|§ 4-9-402. Secured party not obligated on contract of debtor or in tort

 The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
AR Code § 4-9-403 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Part 4 - Rights of Third Parties|§ 4-9-403. Agreement not to assert defenses against assignee

 (a) In this section, “value” has the meaning provided in § 4-3-303(a).  (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by an assignee that takes an assignment:  (1) for value;  (2) in good faith;  (3) without notice of a claim of a property or possessory right to the property assigned; and  (4) without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under § 4-3-305(a).    (c) Subsection (b) does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under § 4-3-305(b).  (d) In a consumer transaction, if a record evidences the account debtor's obligation, law other than this chapter requires that the record include a statement to the effect that the rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement:  (1) the record has the same effect as if the record included such a statement; and  (2) the account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement.    (e) This section is subject to law other than this chapter which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.  (f) Except as otherwise provided in subsection (d), this section does not displace law other than this chapter which gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee.
AR Code § 4-9-404 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Part 4 - Rights of Third Parties|§ 4-9-404. Rights acquired by assignee — Claims and defenses against assignee

 (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b)-(e), the rights of an assignee are subject to:  (1) all terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the transaction that gave rise to the contract; and  (2) any other defense or claim of the account debtor against the assignor which accrues before the account debtor receives a notification of the assignment authenticated by the assignor or the assignee.    (b) Subject to subsection (c) and except as otherwise provided in subsection (d), the claim of an account debtor against an assignor may be asserted against an assignee under subsection (a) only to reduce the amount the account debtor owes.  (c) This section is subject to law other than this chapter which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.  (d) In a consumer transaction, if a record evidences the account debtor's obligation, law other than this chapter requires that the record include a statement to the effect that the account debtor's recovery against an assignee with respect to claims and defenses against the assignor may not exceed amounts paid by the account debtor under the record, and the record does not include such a statement, the extent to which a claim of an account debtor against the assignor may be asserted against an assignee is determined as if the record included such a statement.  (e) This section does not apply to an assignment of a health-care-insurance receivable.
AR Code § 4-9-405 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Part 4 - Rights of Third Parties|§ 4-9-405. Modification of assigned contract

 (a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b)-(d).  (b) Subsection (a) applies to the extent that:  (1) the right to payment or a part thereof under an assigned contract has not been fully earned by performance; or  (2) the right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under § 4-9-406(a).    (c) This section is subject to law other than this chapter which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.  (d) This section does not apply to an assignment of a health-care-insurance receivable.
AR Code § 4-9-407 (2020)
2020 Arkansas Code|Title 4 - Business and Commercial Law|Subtitle 1 - Uniform Commercial Code|Chapter 9 - Secured Transactions|Part 4 - Rights of Third Parties|§ 4-9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest

 (a) Except as otherwise provided in subsection (b), a term in a lease agreement is ineffective to the extent that it:  (1) prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or  (2) provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.    (b) Except as otherwise provided in § 4-2A-303(7), a term described in subsection (a)(2) is effective to the extent that there is:  (1) a transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or  (2) a delegation of a material performance of either party to the lease contract in violation of the term.    (c) The creation, attachment, perfection, or enforcement of a security interest in the lessor's interest under the lease contract or the lessor's residual interest in the goods is not a transfer that materially impairs the lessee's prospect of obtaining return performance or materially changes the duty of or materially increases the burden or risk imposed on the lessee within the purview of § 4-2A-303(4) unless, and then only to the extent that, enforcement actually results in a delegation of material performance of the lessor.