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 6 - DEFAULT (§§ 4-9-601 — 4-9-628) › 2 - NONCOMPLIANCE WITH CHAPTER (§§ 4-9-625 — 4-9-628) › Section 4-9-626 - Action in which deficiency or surplus is in issue

(a)
In an action arising from a transaction, other than a consumer transaction, in which the amount of a deficiency or surplus is in issue, the following rules apply:
(1)
A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(2)
If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
(3)
Except as otherwise provided in §
4-9-628
, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
(A)
the proceeds of the collection, enforcement, disposition, or acceptance; or
(B)
the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(4)
For purposes of paragraph (3)(B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.
(5)
If a deficiency or surplus is calculated under §
4-9-615(f)
, the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
(b)
The limitation of the rules in subsection (a) to transactions other than consumer transactions is intended to leave to the court the determination of the proper rules in consumer transactions. The court may not infer from that limitation the nature of the proper rule in consumer transactions and may continue to apply established approaches.
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) › 2 - NONCOMPLIANCE WITH CHAPTER (§§ 4-9-625 — 4-9-628) › Section 4-9-627 - Determination of whether conduct was commercially reasonable

(a)
The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b)
A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1)
in the usual manner on any recognized market;
(2)
at the price current in any recognized market at the time of the disposition; or
(3)
otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c)
A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1)
in a judicial proceeding;
(2)
by a bona fide creditors' committee;
(3)
by a representative of creditors; or
(4)
by an assignee for the benefit of creditors.
(d)
Approval under subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
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) › 2 - NONCOMPLIANCE WITH CHAPTER (§§ 4-9-625 — 4-9-628) › Section 4-9-628 - Nonliability and limitation on liability of secured party - Liability of secondary obligor

(a)
Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1)
the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and
(2)
the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(b)
A secured party is not liable because of 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.
(c)
A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1)
a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2)
an obligor's representation concerning the purpose for which a secured obligation was incurred.
(d)
A secured party is not liable to any person under §
4-9-625(c)(2)
for its failure to comply with §
4-9-616
.
(e)
A secured party is not liable under §
4-9-625(c)(2)
more than once with respect to any one (1) secured obligation.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-701 - Effective date

Acts 2001, No. 1439, takes effect on July 1, 2001.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-702 - Savings clause

(a)
Except as otherwise provided in this part, Acts 2001, No. 1439, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect on July 1, 2001.
(b)
Except as otherwise provided in subsection (c) and §§
4-9-703
-
4-9-709
:
(1)
transactions and liens that were not governed by former Chapter 9, were validly entered into or created before this act takes effect, and would be subject to this act if they had been entered into or created after this act takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this act takes effect; and
(2)
the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this act or by the law that otherwise would apply if this act had not taken effect.
(c)
This act does not affect an action, case, or proceeding commenced before this act takes effect.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-703 - Security interest perfected before effective date

(a)
A security interest that is enforceable immediately before Acts 2001, No. 1439, takes effect on July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this act if, when this act takes effect, the applicable requirements for enforceability and perfection under this act are satisfied without further action.
(b)
Except as otherwise provided in §
4-9-705
, if, immediately before this act takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this act are not satisfied when this act takes effect, the security interest:
(1)
is a perfected security interest for one (1) year after this act takes effect;
(2)
remains enforceable thereafter only if the security interest becomes enforceable under §
4-9-203
before the year expires; and
(3)
remains perfected thereafter only if the applicable requirements for perfection under this act are satisfied before the year expires.
(c)
Notwithstanding any provision of this act, any financing statement referencing a transmitting utility as the debtor, which was sufficient for perfection of a security interest under former Chapter 9 under the Transmitting Utility Act, §
4-19-101
et seq., and which was deemed a continuous filing before the effective date of this act, shall be sufficient for perfection of a security interest and maintain such continuously perfected status after the effective date of this act.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-704 - Security interest unperfected before effective date

A security interest that is enforceable immediately before this act takes effect on July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1)
remains an enforceable security interest for one (1) year after this act takes effect;
(2)
remains enforceable thereafter if the security interest becomes enforceable under §
4-9-203
when this act takes effect or within one (1) year thereafter; and
(3)
becomes perfected:
(A)
without further action, when this act takes effect if the applicable requirements for perfection under this act are satisfied before or at that time; or
(B)
when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-705 - Effectiveness of action taken before effective date

(a)
If action, other than the filing of a financing statement, is taken before this act takes effect on July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before this act takes effect, the action is effective to perfect a security interest that attaches under this act within one year after this act takes effect. An attached security interest becomes unperfected one (1) year after this act takes effect unless the security interest becomes a perfected security interest under this act before the expiration of that period.
(b)
The filing of a financing statement before this act takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under this act.
(c)
This act does not render ineffective an effective financing statement that, before this act takes effect, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former §
4-9-103
[repealed]. However, except as otherwise provided in subsections (d) and (e) and §
4-9-706
, the financing statement ceases to be effective at the earlier of:
(1)
the time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
(2)
June 30, 2006.
(d)
The filing of a continuation statement after this act takes effect does not continue the effectiveness of the financing statement filed before this act takes effect. However, upon the timely filing of a continuation statement after this act takes effect and in accordance with the law of the jurisdiction governing perfection as provided in part 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before this act takes effect continues for the period provided by the law of that jurisdiction.
(e)
Subdivision (c)(2) applies to a financing statement that, before this act takes effect, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former §
4-9-103
[repealed] only to the extent that part 3 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(f)
A financing statement that includes a financing statement filed before this act takes effect and a continuation statement filed after this act takes effect is effective only to the extent that it satisfies the requirements of part 5 for an initial financing statement.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-706 - When initial financing statement suffices to continue effectiveness of financing statement

(a)
The filing of an initial financing statement in the office specified in §
4-9-501
continues the effectiveness of a financing statement filed before this act takes effect on July 1, 2001, if:
(1)
the filing of an initial financing statement in that office would be effective to perfect a security interest under this act;
(2)
the pre-effective-date financing statement was filed in an office in another state or another office in this State; and
(3)
the initial financing statement satisfies subsection (c).
(b)
The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
(1)
if the initial financing statement is filed before this act takes effect, for the period provided in former §
4-9-403
with respect to a financing statement; and
(2)
if the initial financing statement is filed after this act takes effect, for the period provided in §
4-9-515
with respect to an initial financing statement.
(c)
To be effective for purposes of subsection (a), an initial financing statement must:
(1)
satisfy the requirements of part 5 for an initial financing statement;
(2)
identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3)
indicate that the pre-effective-date financing statement remains effective.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-707 - Amendment of pre-effective-date financing statement

(a)
In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect on July 1, 2001.
(b)
After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in part 3. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c)
Except as otherwise provided in subsection (d), if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this act takes effect only if:
(1)
the pre-effective-date financing statement and an amendment are filed in the office specified in §
4-9-501
;
(2)
an amendment is filed in the office specified in §
4-9-501
concurrently with, or after the filing in that office of, an initial financing statement that satisfies §
4-9-706(c)
; or
(3)
an initial financing statement that provides the information as amended and satisfies §
4-9-706(c)
is filed in the office specified in §
4-9-501
.
(d)
If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under §
4-9-705(d) and (f)
or §
4-9-706
.
(e)
Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies §
4-9-706(c)
has been filed in the office specified by the law of the jurisdiction governing perfection as provided in part 3 as the office in which to file a financing statement.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-708 - Persons entitled to file initial financing statement or continuation statement

A person may file an initial financing statement or a continuation statement under this part if:
(1)
the secured party of record authorizes the filing; and
(2)
the filing is necessary under this part:
(A)
to continue the effectiveness of a financing statement filed before this act takes effect on July 1, 2001; or
(B)
to perfect or continue the perfection of a security interest.
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 7 - TRANSITION (§§ 4-9-701 — 4-9-709) › Section 4-9-709 - Priority

(a)
This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect on July 1, 2001, former Chapter 9 determines priority.
(b)
For purposes of §
4-9-322(a)
, the priority of a security interest that becomes enforceable under §
4-9-203
dates from the time this act takes effect if the security interest is perfected under this act by the filing of a financing statement before this act takes effect which would not have been effective to perfect the security interest under former Chapter 9. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
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 8 - TRANSITION PROVISIONS FOR 2010 AMENDMENTS (§§ 4-9-801 — 4-9-809) › Section 4-9-801 - Effective date

This act takes effect on July 1, 2013.
Added by Act 2013, No. 138,§ 23, eff. 2/20/2013.
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 8 - TRANSITION PROVISIONS FOR 2010 AMENDMENTS (§§ 4-9-801 — 4-9-809) › Section 4-9-802 - Savings clause

(a)
Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect.
(b)
This act does not affect an action, case, or proceeding commenced before this act takes effect.
Added by Act 2013, No. 138,§ 23, eff. 2/20/2013.
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 8 - TRANSITION PROVISIONS FOR 2010 AMENDMENTS (§§ 4-9-801 — 4-9-809) › Section 4-9-803 - Security interest perfected before effective date

(a)
A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under this chapter as amended by this act if, when this act takes effect, the applicable requirements for attachment and perfection under this chapter as amended by this act are satisfied without further action.
(b)
Except as otherwise provided in §
4-9-805
, if, immediately before this act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under this chapter as amended by this act are not satisfied when this act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under this chapter as amended by this act are satisfied within one year after this act takes effect.
Added by Act 2013, No. 138,§ 23, eff. 2/20/2013.
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 8 - TRANSITION PROVISIONS FOR 2010 AMENDMENTS (§§ 4-9-801 — 4-9-809) › Section 4-9-804 - Security interest unperfected before effective date

A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest:
(1)
without further action, when this act takes effect, if the applicable requirements for perfection under this chapter as amended by this act are satisfied before or at that time; or
(2)
when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
Added by Act 2013, No. 138,§ 23, eff. 2/20/2013.
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 8 - TRANSITION PROVISIONS FOR 2010 AMENDMENTS (§§ 4-9-801 — 4-9-809) › Section 4-9-806 - When initial financing statement suffices to continue effectiveness of financing statement

(a)
The filing of an initial financing statement in the office specified in §
4-9-501
continues the effectiveness of a financing statement filed before this act takes effect if:
(1)
the filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter as amended by this act;
(2)
the pre-effective-date financing statement was filed in an office in another state; and
(3)
the initial financing statement satisfies subsection (c).
(b)
The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
(1)
if the initial financing statement is filed before this act takes effect, for the period provided in §
4-9-515
with respect to an initial financing statement; and
(2)
if the initial financing statement is filed after this act takes effect, for the period provided in §
4-9-515
as amended by this act with respect to an initial financing statement.
(c)
To be effective for purposes of subsection (a), an initial financing statement must:
(1)
satisfy the requirements of part 5 as amended by this act for an initial financing statement;
(2)
identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3)
indicate that the pre-effective-date financing statement remains effective.
Added by Act 2013, No. 138,§ 23, eff. 2/20/2013.
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 8 - TRANSITION PROVISIONS FOR 2010 AMENDMENTS (§§ 4-9-801 — 4-9-809) › Section 4-9-807 - Amendment of pre-effective-date financing statement

(a)
In this section, "pre-effective-date financing statement" means a financing statement filed before this act takes effect.
(b)
After this act takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Chapter 9 as amended by this act. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c)
Except as otherwise provided in subsection (d), if the law of this State governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this act takes effect only if:
(1)
the pre-effective-date financing statement and an amendment are filed in the office specified in §
4-9-501
;
(2)
an amendment is filed in the office specified in §
4-9-501
concurrently with, or after the filing in that office of, an initial financing statement that satisfies §
4-9-806(c)
; or
(3)
an initial financing statement that provides the information as amended and satisfies §
4-9-806(c)
is filed in the office specified in §
4-9-501
.
(d)
If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under §
4-9-805(c) and (e)
or §
4-9-806
.
(e)
Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after this act takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies §
4-9-806(c)
has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Chapter 9 as amended by this act as the office in which to file a financing statement.
Added by Act 2013, No. 138,§ 23, eff. 2/20/2013.
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 8 - TRANSITION PROVISIONS FOR 2010 AMENDMENTS (§§ 4-9-801 — 4-9-809) › Section 4-9-808 - Persons entitled to file initial financing statement or continuation statement

A person may file an initial financing statement or a continuation statement under this part if:
(1)
the secured party of record authorizes the filing; and
(2)
the filing is necessary under this part:
(A)
to continue the effectiveness of a financing statement filed before this act takes effect; or
(B)
to perfect or continue the perfection of a security interest.
Added by Act 2013, No. 138,§ 23, eff. 2/20/2013.
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 8 - TRANSITION PROVISIONS FOR 2010 AMENDMENTS (§§ 4-9-801 — 4-9-809) › Section 4-9-809 - Priority

This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, Chapter 9 as it existed before its amendment by this act determines priority.
Added by Act 2013, No. 138,§ 23, eff. 2/20/2013.
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 10 - EFFECTIVE DATE AND REPEALER (§§ 4-10-101 — 4-10-104) › Section 4-10-101 - Effective date

This subtitle shall become effective at midnight on December 31, 1961.
Acts 1961, No. 185, § 10-101; A.S.A. 1947, § 85-1-101n.
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 10 - EFFECTIVE DATE AND REPEALER (§§ 4-10-101 — 4-10-104) › Section 4-10-102 - Specific repealer and amendments - Provision for transition

(1)
The following statutes are hereby repealed:
Arkansas Statutes (1957 Repl.) Sections 68-101 to 68-507, inclusive; Section 68-804; Sections 68-901 to 68-909, inclusive; Sections 68-1101 to 68-1143, inclusive, and 68-1151 to 68-1155, inclusive; Sections 68-1201 to 68-1249, inclusive; and 68-1256 to 68-1258, inclusive; Sections 68-1401 to 68-1480, inclusive; Sections 68-1501 to 68-1504, inclusive;
Arkansas Statutes (1959 Cum. Supp.) 68-1259, being Act 265 of 1959, Section 1; Arkansas Statutes (1959 Cum. Supp.) Sections 68-1701 to 68-1719, inclusive, being Act 63 of 1959;
Arkansas Statutes (1957 Repl.) Sections 64-214 and 64-301 to 64-325, inclusive;
Arkansas Statutes (1957 Repl.) Sections 67-532, 67-533, 67-534, 67-535, 67-537, 67-538, 67-539, and 67-544 to 67-546, inclusive;
Arkansas Statutes (1956 Repl.) Sections 16-201 to 16-207, inclusive; Arkansas Statutes (1947) Sections 51-1003, 51-1004, 51-1005, 51-1006, 51-1007 to 51-1009; Arkansas Statutes (1957 Repl.) Sections 73-734 and 77-1228.
(2)
All the provisions of this subtitle shall apply to the issuance, transfer, and negotiation of and other dealings with warehouse certificates under Acts 1935, No. 281 [repealed] and warehouse receipts under Acts 1935, No. 83 [repealed], but Acts 1935, No. 281 [repealed] and Acts 1935, No. 83 [repealed] are not repealed except insofar as this subtitle is applicable to such certificates and receipts.
(3)
In the Arkansas Statutes, all cross-references to the Uniform Negotiable Instruments Law [repealed], the Uniform Sales Act [repealed], the Uniform Stock Transfer Act [repealed], the Uniform Warehouse Receipts Act [repealed], the Uniform Bills of Lading Act [repealed], and the Uniform Trust Receipts Act [repealed], or to any particular section or sections thereof, shall hereafter be read as references to this subtitle and the appropriate sections hereof.
(4)
Transactions validly entered into before the effective date specified in §
4-10-101
of this subtitle, and the rights, duties, and interests flowing from them, remain valid thereafter and may be terminated, completed, consummated, or enforced as required or permitted by any statute or other law amended or repealed by this subtitle as though such repeal or amendment had not occurred.
Acts 1961, No. 185, § 10-102(1), (4), (5), and (6); A.S.A. 1947, §§ 85-1-101n, 85-1-108, 85-1-109.
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 10 - EFFECTIVE DATE AND REPEALER (§§ 4-10-101 — 4-10-104) › Section 4-10-103 - General repealer

Except as provided in the following section, all acts and parts of acts inconsistent with this subtitle are hereby repealed.
Acts 1961, No. 185, § 10-103; A.S.A. 1947, § 85-1-101n.
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 11 - VIRTUAL CURRENCY (§§ 4-11-101 — 4-11-106) › Section 4-11-101 - Short title

This chapter may be cited as Uniform Commercial Code-Virtual Currency of Arkansas.
Added by Act 2021, No. 1078,§ 7, eff. 7/28/2021.
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 11 - VIRTUAL CURRENCY (§§ 4-11-101 — 4-11-106) › Section 4-11-102 - Definitions

In this chapter, "virtual currency":
(1)
means a digital representation of value that:
(A)
is used as a medium of exchange, unit of account, or store of value; and
(B)
is not legal tender, whether or not denominated in legal tender; and
(2)
does not include:
(A)
a transaction in which a merchant grants, as part of an affinity or rewards program, value that cannot be taken from or exchanged with the merchant for legal tender, bank credit, or virtual currency; or
(B)
a digital representation of value issued by or on behalf of a publisher and used solely within an online game, game platform, or family of games sold by the same publisher or offered on the same game platform.
Added by Act 2021, No. 1078,§ 7, eff. 7/28/2021.
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 11 - VIRTUAL CURRENCY (§§ 4-11-101 — 4-11-106) › Section 4-11-103 - Scope

This chapter applies to virtual currency.
Added by Act 2021, No. 1078,§ 7, eff. 7/28/2021.
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 11 - VIRTUAL CURRENCY (§§ 4-11-101 — 4-11-106) › Section 4-11-104 - Rights in virtual currency

(a)
In this section:
(1)
"Adverse claim" means a claim that a claimant has a property interest in a virtual currency and that it is a violation of the rights of the claimant for another person to hold, transfer, or deal with the virtual currency.
(2)
"Qualifying purchaser" means a purchaser that obtains control of a virtual currency for value and without notice of any adverse claim.
(b)
Subject to subsections (c) through (h), law other than this chapter determines whether a person acquires rights in a virtual currency and the rights that the person acquires.
(c)
A purchaser of a virtual currency acquires all rights in the virtual currency that the transferor had or had power to transfer.
(d)
A purchaser of a limited interest in a virtual currency acquires rights only to the extent of the interest purchased.
(e)
In addition to acquiring the rights of a purchaser, a qualifying purchaser acquires its rights in a virtual currency free of any adverse claim.
(f)
An action based on an adverse claim to a virtual currency, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a qualifying purchaser that acquires its interest in, and obtains control of, the virtual currency for value and without notice of the adverse claim.
(g)
A person has notice of an adverse claim if:
(1)
the person knows of the adverse claim; or
(2)
the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim.
(h)
Filing of a financing statement under Chapter 9 is not notice of an adverse claim to a virtual currency.
Added by Act 2021, No. 1078,§ 7, eff. 7/28/2021.
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 11 - VIRTUAL CURRENCY (§§ 4-11-101 — 4-11-106) › Section 4-11-105 - Control of virtual currency

(a)
A person has "control" of a virtual currency if the following conditions are met:
(1)
the virtual currency or the system in which it is recorded, if any, gives the person:
(A)
the power to derive substantially all the benefit from the virtual currency;
(B)
subject to subsection (b), the exclusive power to prevent others from deriving substantially all the benefit from the virtual currency; and
(C)
subject to subsection (b), the exclusive power to transfer control of the virtual currency to another person or cause another person to obtain control of a virtual currency that derives from the virtual currency; and
(2)
the virtual currency, a record attached to or logically associated with the virtual currency, or the system in which the virtual currency is recorded, if any, enables the person to readily identify itself as having the powers specified in subparagraph (a)(1).
(b)
A power specified in subparagraph (a)(1)(B) or (a)(1)(C) can be exclusive, even if:
(1)
the virtual currency or the system in which it is recorded, if any, limits the use to which the virtual currency may be put or has protocols that are programmed to result in a transfer of control; and
(2)
the person has agreed to share the power with another person.
(c)
For the purposes of subparagraph (a)(2), a person may be identified in any way, including by name, identifying number, cryptographic key, office, or account number.
Added by Act 2021, No. 1078,§ 7, eff. 7/28/2021.
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 11 - VIRTUAL CURRENCY (§§ 4-11-101 — 4-11-106) › Section 4-11-106 - Savings clause

This chapter does not affect an action, case, or proceeding commenced before this chapter takes effect.
Added by Act 2021, No. 1078,§ 7, eff. 7/28/2021.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 16 - ALTERNATIVE NICOTINE PRODUCTS DISTRIBUTION TO MINORS PROTECTION ACT (§ 4-16-101) › Section 4-16-101 - [Repealed]

Repealed by Act 2015, No. 1235,§ 31, eff. 5/1/2015.
Added by Act 2013, No. 1188,§ 1, eff. 8/16/2013.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 17 - CURRENCY (§§ 4-17-101 — 4-17-104) › Section 4-17-101 - Legal tender

All accounts and other computations of money in the treasury and other public offices, whether state or local, and all accounts arising from proceedings in courts of justice, shall be kept and made out in the money account of the United States, that is to say, in dollars or units, dimes or tenths, cents or hundredths, mills or thousandths: a dime being the tenth part of a dollar; a cent, the hundredth part of a dollar; and a mill, the thousandth part of a dollar.
Rev. Stat., ch. 100, § 1; C. & M. Dig., § 7350; Pope's Dig., § 9389; A.S.A. 1947, § 68-601.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 17 - CURRENCY (§§ 4-17-101 — 4-17-104) › Section 4-17-102 - Notes, tickets, etc. - Creation or circulation as currency by individuals unlawful

(a)
No person unauthorized by law shall intentionally create or put in circulation, as a circulating medium, any note, bill, bond, check, or ticket, purporting that any money or bank notes will be paid to the receiver, holder, or bearer, or that it will be received in payment of debts or to be used as a currency or medium of trade in lieu of money.
(b)
If any person issues, puts into circulation, signs, countersigns, or indorses any such note, bill, bond, check, or ticket, he or she shall be indicted, and upon conviction shall be fined not less than fifty dollars ($50.00) nor more than three hundred dollars ($300) and shall be imprisoned not exceeding twelve (12) months.
(c)
If any person or company vends, passes, receives, or offers in payment any such note, bill, bond, check, or ticket, the offender shall forfeit the sum of fifty dollars ($50.00), to be recovered by a civil action, with costs to the use of any person who will sue for the same before any justice of the peace of the county in which the offending party may be found.
Rev. Stat., ch. 119, §§ 1-3; C. & M. Dig., §§ 1011-1013; Pope's Dig., §§ 1220-1222; A.S.A. 1947, §§ 68-701 -- 68-703.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 17 - CURRENCY (§§ 4-17-101 — 4-17-104) › Section 4-17-103 - Notes, tickets, etc. - Issuance by local subdivisions and corporations unlawful

(a)
It shall not be lawful for any city, town, or corporation whatever within the State of Arkansas to issue small bills or notes, commonly denominated change tickets, or shinplasters, unless specifically authorized by law.
(b)
All persons, officers of the city, town, or corporation, or others, whose names shall be affixed to any such bills, notes, change tickets, or shinplasters issued in violation of this section shall be individually responsible for the same.
(c)
The holders of any such bill, note, change ticket, or shinplaster issued in violation of this section may sue for and recover in gold and silver the amount for which they purport to be payable, from the individuals whose names shall be affixed thereto, before any justice of the peace residing in the city, town, or county in which the same may have been issued.
Acts 1838, §§ 1-3, p. 13; C. & M. Dig., §§ 1014-1016; Pope's Dig., §§ 1223-1225; A.S.A. 1947, §§ 68-704 -- 68-706.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 17 - CURRENCY (§§ 4-17-101 — 4-17-104) › Section 4-17-104 - Notes, tickets, etc. - Actions

(a)
The holder or owner of any change ticket, bill, or small note issued for the purpose of change, or otherwise, shall have the right to sue the drawer, issuer, or endorser of the change ticket or tickets, bill or bills, or small note or notes before any justice of the peace in this state.
(b)
The justice of the peace before whom any suit may be brought under the provisions of this section, in all cases where he or she is satisfied that the defendant in the suit did draw, issue, sign, or endorse the change ticket, bill, or small note sued on and that the same is not paid, forthwith shall give judgment for the plaintiff for the amount of the change ticket, bill, or note sued on and shall forthwith grant the plaintiff an execution on the judgment if the plaintiff requires the execution.
(c)
Any condition specified or set forth in any change ticket, bill, or note sued on that payment will be made when the sum of five dollars ($5.00) is presented shall not be a bar to any plaintiff obtaining a judgment on any change ticket, bill, or small note; however, the justice of the peace shall give judgment for the amount of the change ticket, bill, or small note sued on.
Rev. Stat., ch. 24, §§ 1-3; C. & M. Dig., §§ 1008-1010; Pope's Dig., §§ 1217-1219; A.S.A. 1947, §§ 68-709 -- 68-711.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 18 - WEIGHTS AND MEASURES (§§ 4-18-101 — 4-18-344) › Subchapter 3 - UNIFORM WEIGHTS AND MEASURES LAW (§§ 4-18-301 — 4-18-344) › Section 4-18-302 - Systems of weights and measures

The International System of Units (SI) and the system of weights and measures in customary use in the United States are jointly recognized, and either one (1) or both of these systems shall be used for all commercial purposes in the state. The definitions of basic units of weight and measure, the tables of weight and measure, and weights and measures equivalents as published by the National Institute of Standards and Technology are recognized and shall govern weighing and measuring equipment and transactions in the state.
Acts 2001, No. 587, § 2.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 18 - WEIGHTS AND MEASURES (§§ 4-18-101 — 4-18-344) › Subchapter 3 - UNIFORM WEIGHTS AND MEASURES LAW (§§ 4-18-301 — 4-18-344) › Section 4-18-303 - Physical standards

Weights and measures that are traceable to the United States prototype standards supplied by the federal government, or approved as being satisfactory by the National Institute of Standards and Technology, shall be the state primary standards of weights and measures, and shall be maintained in such calibration as prescribed by the National Institute of Standards and Technology. All secondary standards may be prescribed by the State Plant Board and shall be verified upon their initial receipt, and as often thereafter as deemed necessary by the board.
Acts 2001, No. 587, § 3.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 18 - WEIGHTS AND MEASURES (§§ 4-18-101 — 4-18-344) › Subchapter 3 - UNIFORM WEIGHTS AND MEASURES LAW (§§ 4-18-301 — 4-18-344) › Section 4-18-304 - Technical requirements for weighing and measuring devices

The specifications, tolerances, and other technical requirements for commercial, law enforcement, data gathering, and other weighing and measuring devices as adopted by the National Conference on Weights and Measures, published in the National Institute of Standards and Technology Handbook 44, "Specifications, Tolerances, and Other Technical Requirements for Weighing and Measuring Devices," and supplements thereto or revisions thereof, shall apply to weighing and measuring devices in the state, as adopted, or amended and adopted, by rule of the State Plant Board.
Acts 2001, No. 587, § 4.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 2 - MISCELLANEOUS COMMERCIAL LAW PROVISIONS (§§ 4-16-101 — 4-21-105) › Chapter 18 - WEIGHTS AND MEASURES (§§ 4-18-101 — 4-18-344) › Subchapter 3 - UNIFORM WEIGHTS AND MEASURES LAW (§§ 4-18-301 — 4-18-344) › Section 4-18-305 - Requirements for packaging and labeling

The Uniform Packaging and Labeling Regulation as adopted by the National Conference on Weights and Measures and published in the National Institute of Standards and Technology Handbook 130, "Uniform Laws and Regulations," and supplements thereto or revisions thereof, shall apply to packaging and labeling in the state, as adopted, or amended and adopted, by rule of the State Plant Board.
Acts 2001, No. 587, § 5.