reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 1 - FILING OFFICE - CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 4-9-501 — 4-9-518) › Section 4-9-515 - Duration and effectiveness of financing statement - Effect of lapsed financing statement

(a)
Except as otherwise provided in subsections (b), (e), (f), and (g), a filed financing statement is effective for a period of five (5) years after the date of filing.
(b)
Except as otherwise provided in subsections (e), (f), and (g), an initial financing statement filed in connection with a public-finance transaction or manufactured-home transaction is effective for a period of thirty (30) years after the date of filing if it indicates that it is filed in connection with a public-finance transaction or manufactured-home transaction.
(c)
The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (d). Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
(d)
A continuation statement may be filed only within six (6) months before the expiration of the five-year period specified in subsection (a) or the thirty-year period specified in subsection (b), whichever is applicable.
(e)
Except as otherwise provided in §
4-9-510
, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five (5) years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five-year period, the financing statement lapses in the same manner as provided in subsection (c), unless, before the lapse, another continuation statement is filed pursuant to subsection (d). Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
(f)
If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.
(g)
A record of a mortgage that is effective as a financing statement filed as a fixture filing under §
4-9-502(c)
remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.
Amended by Act 2013, No. 138,§ 18, eff. 2/20/2013.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 1 - FILING OFFICE - CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 4-9-501 — 4-9-518) › Section 4-9-517 - Effect of indexing errors

The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 1 - FILING OFFICE - CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT (§§ 4-9-501 — 4-9-518) › Section 4-9-518 - Claim concerning inaccurate or wrongfully filed record

(a)
A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed.
(b)
An information statement under subsection (a) must:
(1)
identify the record to which it relates by:
(A)
the file number assigned to the initial financing statement to which the record relates; and
(B)
if the information statement relates to a record filed in a filing office described in §
4-9-501(a)(1)
, the date that the initial financing statement was filed and the information specified in §
4-9-502(b)
;
(2)
indicate that it is an information statement; and
(3)
provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.
(c)
A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under §
4-9-509(d)
.
(d)
An information statement under subsection (c) must:
(1)
identify the record to which it relates by:
(A)
the file number assigned to the initial financing statement to which the record relates; and
(B)
if the information statement relates to a record filed in a filing office described in §
4-9-501(a)(1)
, the date that the initial financing statement was filed and the information specified in §
4-9-502(b)
;
(2)
indicate that it is an information statement; and
(3)
provide the basis for the person's belief that the person that filed the record was not entitled to do so under §
4-9-509(d)
.
(e)
The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.
Amended by Act 2013, No. 138,§ 20, eff. 2/20/2013.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 4-9-519 — 4-9-529) › Section 4-9-522 - Maintenance and destruction of records

(a)
The filing office shall maintain a record of the information provided in a filed financing statement for at least one (1) year after the effectiveness of the financing statement has lapsed under §
4-9-515
with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and:
(1)
if the record was filed in the filing office described in §
4-9-501(a)(1)
, by using the file number assigned to the initial financing statement to which the record relates and the date and time that the record was filed; or
(2)
if the record was filed in the filing office described in §
4-9-501(a)(2)
, by using the file number assigned to the initial financing statement to which the record relates.
(b)
Except to the extent that a statute governing disposition of public records provides otherwise, the filing office immediately may destroy any written record evidencing a financing statement. However, if the filing office destroys a written record, it shall maintain another record of the financing statement which complies with subsection (a).
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 4-9-519 — 4-9-529) › Section 4-9-523 - Information from filing office - Sale or license of records

(a)
If a person that files a written record requests an acknowledgment of the filing, the filing office shall send to the person an image of the record showing the number assigned to the record pursuant to §
4-9-519(a)(1)
and the date and time of the filing of the record. However, if the person furnishes a copy of the record to the filing office, the filing office may instead:
(1)
note upon the copy the number assigned to the record pursuant to §
4-9-519(a)(1)
and the date and time of the filing of the record; and
(2)
send the copy to the person.
(b)
If a person files a record other than a written record, the filing office shall communicate to the person an acknowledgment that provides:
(1)
the information in the record;
(2)
the number assigned to the record pursuant to §
4-9-519(a)(1)
; and
(3)
the date and time of the filing of the record.
(c)
The filing office shall communicate or otherwise make available in a record the following information to any person that requests it:
(1)
whether there is on file on a date and time specified by the filing office, but not a date earlier than three (3) business days before the filing office receives the request, any financing statement that:
(A)
designates a particular debtor or, if the request so states, designates a particular debtor at the address specified in the request;
(B)
has not lapsed under §
4-9-515
with respect to all secured parties of record; and
(C)
if the request so states, has lapsed under §
4-9-515
and a record of which is maintained by the filing office under §
4-9-522(a)
;
(2)
the date and time of filing of each financing statement; and
(3)
the information provided in each financing statement.
(d)
In complying with its duty under subsection (c), the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing a record that can be admitted into evidence in the courts of this state without extrinsic evidence of its authenticity.
(e)
The filing office shall perform the acts required by subsections (a)-(d) at the time and in the manner prescribed by filing office rule, but not later than two (2) business days after the filing office receives the request.
(f)
At least weekly, the Secretary of State shall offer to sell or license to the public on a nonexclusive basis, in bulk, copies of all records filed in it under this part, in every medium from time to time available to the filing office. This subsection shall apply only to records filed in a filing office described in §
4-9-501(a)(2)
.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 4-9-519 — 4-9-529) › Section 4-9-524 - Delay by filing office

Delay by the filing office beyond a time limit prescribed by this part is excused if:
(1)
the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and
(2)
the filing office exercises reasonable diligence under the circumstances.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 4-9-519 — 4-9-529) › Section 4-9-525 - Fees

(a)
Except as otherwise provided in subsection (e), the fee for filing and indexing a record, whether by paper or electronically, under this part, other than an initial financing statement of the kind described in §
4-9-502(c)
, is:
(1)
Records filed only with the Secretary of State pursuant to §
4-9-501(a)(3)
, sixteen dollars ($16.00) for filing and indexing the initial financing statement and termination statements, if the record consists of one (1) page;
(2)
Records filed with the circuit clerks pursuant to §
4-9-501(a)(2)
- twelve dollars ($12.00), for filing and indexing the initial financing statement and termination statements, if the record consists of one (1) page; and
(3)
Fifty cents (50¢) per page up to a maximum of one hundred dollars ($100) if the record consists of more than one (1) page.
(b)
(1)
The fee for filing a continuation is six dollars ($6.00).
(2)
The fee for filing a termination statement is six dollars ($6.00) if it pertains to the filing of a financing statement before July 28, 1995.
(3)
The fee for each separate search is six dollars ($6.00).
(4)
The fee for filing an assignment is six dollars ($6.00).
(5)
The fee for filing a release is six dollars ($6.00).
(6)
The fee for filing an amendment is six dollars ($6.00).
(c)
The number of names required to be indexed does not affect the amount of the fee in subsection (a).
(d)
The fee for issuing a certificate or for furnishing a copy of any record on file naming a particular debtor, is:
(1)
Six dollars ($6.00) if the record consists of one (1) page; and
(2)
Fifty cents (50¢) per page for each page if the records supplied consist of more than one (1) page.
(e)
This section does not fix the fee with respect to a record of a mortgage which is effective as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut under §
4-9-502(c)
. However, the recording and satisfaction fees that otherwise would be applicable to the record of the mortgage apply.
Amended by Act 2015, No. 1028,§ 1, eff. 7/22/2015.
Acts 2001, No. 1439, § 1; 2003, No. 1473, § 2; 2009, No. 942, § 3; 2011, No. 1189, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 4-9-519 — 4-9-529) › Section 4-9-526 - Filing office rules

(a)
The Secretary of State shall adopt and publish rules to implement this chapter. The filing office rules must be:
(1)
consistent with this chapter; and
(2)
adopted and published in accordance with the Arkansas Administrative Procedure Act, §
25-15-201
et seq.
(b)
To keep the filing office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this part, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this part, the Secretary of State, so far as is consistent with the purposes, policies, and provisions of this chapter, in adopting, amending, and repealing filing office rules, shall:
(1)
consult with filing offices in other jurisdictions that enact substantially this part; and
(2)
consult the most recent version of the Model Rules promulgated by the International Association of Commercial Administrators or any successor organization; and
(3)
take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 4-9-519 — 4-9-529) › Section 4-9-527 - Duty to report

The Secretary of State shall report annually on or before October 1 to the Governor and General Assembly on the operation of the filing office. The report must contain a statement of the extent to which:
(1)
the filing office rules are not in harmony with the rules of filing offices in other jurisdictions that enact substantially this part and the reasons for these variations; and
(2)
the filing office rules are not in harmony with the most recent version of the Model Rules promulgated by the International Association of Commercial Administrators, or any successor organization, and the reasons for these variations.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 5 - FILING (§§ 4-9-501 — 4-9-529) › 2 - DUTIES AND OPERATION OF FILING OFFICE (§§ 4-9-519 — 4-9-529) › Section 4-9-528 - Methods of payment

(a)
As used in this section:
(1)
"Prepaid account" means an account:
(A)
Established by a remitter with the Secretary of State by depositing at least one hundred dollars ($100);
(B)
That may be used by the Secretary of State to obtain payment from a remitter for the payment of fees required by this subtitle; and
(C)
That may be replenished by the remitter; and
(2)
"Remitter" means a person that tenders payment of a filing fee or other charge or fee required by this subtitle.
(b)
Filing fees, fees for public records services, and any other fees authorized by the Uniform Commercial Code, §
4-1-101
et seq., may be paid by:
(1)
Cash;
(2)
Checks made payable to the filing office;
(3)
Credit cards; or
(4)
A prepaid account under subsection (c) of this section.
(c)
(1)
Upon application to the Secretary of State, the Secretary of State may permit a remitter to establish a prepaid account for the payment of fees required by this subtitle.
(2)
The Secretary of State may deduct the amount of fees from a prepaid account to pay the fees required by this subtitle.
(3)
The Secretary of State shall send a monthly statement of the deductions from and deposits into the account to a remitter that makes payment through a prepaid account.
(4)
If requested to do so by the remitter, the Secretary of State may return to the remitter any portion of the unused funds from the prepaid account of the remitter.
(d)
The Secretary of State is not required to accept payment from a prepaid account if the prepaid account does not have sufficient funds to pay all charges due.
(e)
The Secretary of State may permit online filings and searches to be billed through a third-party provider that contracts with the State of Arkansas or Secretary of State to provide these services.
Added by Act 2013, No. 1042,§ 1, eff. 4/10/2013.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-601 - Rights after default - Judicial enforcement - Consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

(a)
After default, a secured party has the rights provided in this part and, except as otherwise provided in §
4-9-602
, those provided by agreement of the parties. A secured party:
(1)
may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
(2)
if the collateral is documents, may proceed either as to the documents or as to the goods they cover.
(b)
A secured party in possession of collateral or control of collateral under §
4-7-106
, §
4-9-104
, §
4-9-105
, §
4-9-106
, or §
4-9-107
has the rights and duties provided in §
4-9-207
.
(c)
The rights under subsections (a) and (b) are cumulative and may be exercised simultaneously.
(d)
Except as otherwise provided in subsection (g) and §
4-9-605
, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
(e)
If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
(1)
the date of perfection of the security interest or agricultural lien in the collateral;
(2)
the date of filing a financing statement covering the collateral; or
(3)
any date specified in a statute under which the agricultural lien was created.
(f)
A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this chapter.
(g)
Except as otherwise provided in §
4-9-607(c)
, this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Acts 2001, No. 1439, § 1; 2007, No. 342, § 38.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-602 - Waiver and variance of rights and duties

Except as otherwise provided in §
4-9-624
, to the extent that they give rights to a debtor or obligor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
(1)
Section
4-9-207(b)(4)(C)
, which deals with use and operation of the collateral by the secured party;
(2)
Section
4-9-210
, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
(3)
Section
4-9-607(c)
, which deals with collection and enforcement of collateral;
(4)
Sections
4-9-608(a)
and
4-9-615(c)
to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
(5)
Sections
4-9-608(a)
and
4-9-615(d)
to the extent that they require accounting for or payment of surplus proceeds of collateral;
(6)
Section
4-9-609
to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
(7)
Sections
4-9-610(b)
,
4-9-611
,
4-9-613
, and
4-9-614
, which deal with disposition of collateral;
(8)
Section
4-9-615(f)
, which deals with calculation of a deficiency or surplus when a disposition is made to the secured party, a person related to the secured party, or a secondary obligor;
(9)
Section
4-9-616
, which deals with explanation of the calculation of a surplus or deficiency;
(10)
Sections
4-9-620
,
4-9-621
, and
4-9-622
, which deal with acceptance of collateral in satisfaction of obligation;
(11)
Section
4-9-623
, which deals with redemption of collateral;
(12)
Section
4-9-624
, which deals with permissible waivers; and
(13)
Sections
4-9-625
and
4-9-626
, which deal with the secured party's liability for failure to comply with this chapter.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-603 - Agreement on standards concerning rights and duties

(a)
The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in §
4-9-602
if the standards are not manifestly unreasonable.
(b)
Subsection (a) does not apply to the duty under §
4-9-609
to refrain from breaching the peace.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-604 - Procedure if security agreement covers real property or fixtures

(a)
If a security agreement covers both personal and real property, a secured party may proceed:
(1)
under this part as to the personal property without prejudicing any rights with respect to the real property; or
(2)
as to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
(b)
Subject to subsection (c), if a security agreement covers goods that are or become fixtures, a secured party may proceed:
(1)
under this part; or
(2)
in accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
(c)
Subject to the other provisions of this part, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
(d)
A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-605 - Unknown debtor or secondary obligor

A secured party does not owe a duty based on its status as secured party:
(1)
to a person that is a debtor or obligor, unless the secured party knows:
(A)
that the person is a debtor or obligor;
(B)
the identity of the person; and
(C)
how to communicate with the person; or
(2)
to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A)
that the person is a debtor; and
(B)
the identity of the person.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-606 - Time of default for agricultural lien

For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-607 - Collection and enforcement by secured party

(a)
If so agreed, and in any event after default, a secured party:
(1)
may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(2)
may take any proceeds to which the secured party is entitled under §
4-9-315
;
(3)
may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
(4)
if it holds a security interest in a deposit account perfected by control under §
4-9-104(a)(1)
, may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5)
if it holds a security interest in a deposit account perfected by control under §
4-9-104(a)(2) or (3)
, may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b)
If necessary to enable a secured party to exercise under subsection (a)(3) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:
(1)
a copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2)
the secured party's sworn affidavit in recordable form stating that:
(A)
a default has occurred with respect to the obligation secured by the mortgage; and
(B)
the secured party is entitled to enforce the mortgage nonjudicially.
(c)
A secured party shall proceed in a commercially reasonable manner if the secured party:
(1)
undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2)
is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d)
A secured party may deduct from the collections made pursuant to subsection (c) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.
(e)
This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
Amended by Act 2013, No. 138,§ 22, eff. 2/20/2013.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-608 - Application of proceeds of collection or enforcement - Liability for deficiency and right to surplus

(a)
If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1)
A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under §
4-9-607
in the following order to:
(A)
the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(B)
the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C)
the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2)
If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under paragraph (1)(C).
(3)
A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under §
4-9-607
unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4)
A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b)
If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-609 - Secured party's right to take possession after default

(a)
After default, a secured party:
(1)
may take possession of the collateral; and
(2)
without removal, may render equipment unusable and dispose of collateral on a debtor's premises under §
4-9-610
.
(b)
A secured party may proceed under subsection (a):
(1)
pursuant to judicial process; or
(2)
without judicial process, if it proceeds without breach of the peace.
(c)
If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-610 - Disposition of collateral after default

(a)
After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(b)
Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one (1) or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c)
A secured party may purchase collateral:
(1)
at a public disposition; or
(2)
at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d)
A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e)
A secured party may disclaim or modify warranties under subsection (d):
(1)
in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2)
by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f)
A record is sufficient to disclaim warranties under subsection (e) if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-611 - Notification before disposition of collateral

(a)
In this section, "notification date" means the earlier of the date on which:
(1)
a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(2)
the debtor and any secondary obligor waive the right to notification.
(b)
Except as otherwise provided in subsection (d), a secured party that disposes of collateral under §
4-9-610
shall send to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c)
To comply with subsection (b), the secured party shall send an authenticated notification of disposition to:
(1)
the debtor;
(2)
any secondary obligor; and
(3)
if the collateral is other than consumer goods:
(A)
any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B)
any other secured party or lienholder that, ten (10) days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i)
identified the collateral;
(ii)
was indexed under the debtor's name as of that date; and
(iii)
was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C)
any other secured party that, ten (10) days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in §
4-9-311(a)
.
(d)
Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e)
A secured party complies with the requirement for notification prescribed by subdivision (c)(3)(B) if:
(1)
not later than twenty (20) days or earlier than thirty (30) days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subdivision (c)(3)(B); and
(2)
before the notification date, the secured party:
(A)
did not receive a response to the request for information; or
(B)
received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-612 - Timeliness of notification before disposition of collateral

(a)
Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b)
In a transaction other than a consumer transaction, a notification of disposition sent after default and ten (10) days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-617 - Rights of transferee of collateral

(a)
A secured party's disposition of collateral after default:
(1)
transfers to a transferee for value all of the debtor's rights in the collateral;
(2)
discharges the security interest under which the disposition is made; and
(3)
discharges any subordinate security interest or other subordinate lien.
(b)
A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.
(c)
If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:
(1)
the debtor's rights in the collateral;
(2)
the security interest or agricultural lien under which the disposition is made; and
(3)
any other security interest or other lien.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-618 - Rights and duties of certain secondary obligors

(a)
A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1)
receives an assignment of a secured obligation from the secured party;
(2)
receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3)
is subrogated to the rights of a secured party with respect to collateral.
(b)
An assignment, transfer, or subrogation described in subsection (a):
(1)
is not a disposition of collateral under §
4-9-610
; and
(2)
relieves the secured party of further duties under this chapter.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-619 - Transfer of record or legal title

(a)
In this section, "transfer statement" means a record authenticated by a secured party stating:
(1)
that the debtor has defaulted in connection with an obligation secured by specified collateral;
(2)
that the secured party has exercised its post-default remedies with respect to the collateral;
(3)
that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4)
the name and mailing address of the secured party, debtor, and transferee.
(b)
A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1)
accept the transfer statement;
(2)
promptly amend its records to reflect the transfer; and
(3)
if applicable, issue a new appropriate certificate of title in the name of the transferee.
(c)
A transfer of the record or legal title to collateral to a secured party under subsection (b) or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-621 - Notification of proposal to accept collateral

(a)
A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1)
any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(2)
any other secured party or lienholder that, ten (10) days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A)
identified the collateral;
(B)
was indexed under the debtor's name as of that date; and
(C)
was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3)
any other secured party that, ten (10) days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in §
4-9-311(a)
.
(b)
A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a).
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-622 - Effect of acceptance of collateral

(a)
A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1)
discharges the obligation to the extent consented to by the debtor;
(2)
transfers to the secured party all of a debtor's rights in the collateral;
(3)
discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4)
terminates any other subordinate interest.
(b)
A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this chapter.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-623 - Right to redeem collateral

(a)
A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b)
To redeem collateral, a person shall tender:
(1)
fulfillment of all obligations secured by the collateral; and
(2)
the reasonable expenses and attorney's fees described in §
4-9-615(a)(1)
.
(c)
A redemption may occur at any time before a secured party:
(1)
has collected collateral under §
4-9-607
;
(2)
has disposed of collateral or entered into a contract for its disposition under §
4-9-610
; or
(3)
has accepted collateral in full or partial satisfaction of the obligation it secures under §
4-9-622
.
Acts 2001, No. 1439, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 1 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-11-106) › Chapter 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 1 - DEFAULT AND ENFORCEMENT OF SECURITY INTEREST (§§ 4-9-601 — 4-9-624) › Section 4-9-624 - Waiver

(a)
A debtor or secondary obligor may waive the right to notification of disposition of collateral under §
4-9-611
only by an agreement to that effect entered into and authenticated after default.
(b)
A debtor may waive the right to require disposition of collateral under §
4-9-620(e)
only by an agreement to that effect entered into and authenticated after default.
(c)
Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under §
4-9-623
only by an agreement to that effect entered into and authenticated after default.
Acts 2001, No. 1439, § 1.