reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 56 - GENERAL PROVISIONS (§§ 4-56-101 — 4-56-107) › Section 4-56-103 - Reimbursement for taxes

(a)
(1)
If a contract requires one (1) party to reimburse another party for the federal excise tax imposed by
26 U.S.C. § 4081
or
26 U.S.C. § 4091
, whether as a separate item or as part of the contract price, the reimbursing party at its option and notwithstanding contrary terms of the contract shall not be required to make the reimbursement more than one (1) business day before the day on which the reimbursed party must remit the taxes to the Internal Revenue Service.
(2)
Exercise of the option provided by subdivision (a)(1) of this section shall not relieve the reimbursing party of its obligation to make the reimbursement as required by the contract but shall affect only the timing of that reimbursement.
(b)
(1)
Written notice of the reimbursing party's intent to exercise the option provided in subsection (a) of this section shall be given to the reimbursed party.
(2)
The notice shall state the effective date of the exercise of the option which shall be no earlier than thirty (30) days after the notice of intent is received by the reimbursed party or the beginning of the reimbursed party's next federal tax quarter, whichever is later.
(c)
(1)
If a reimbursing party exercises the option provided in subsection (a) of this section, the reimbursed party may demand security for the payment of the taxes in proportion to the amount the taxes represent compared to the security demanded on the contract as a whole.
(2)
The reimbursed party may also require reimbursement to be made by electronic transfer of funds but may not change the other payment terms of the contract without a valid business reason.
(d)
(1)
This section shall apply to all contracts that are:
(A)
Continuing contracts with no fixed expiration date and in effect on August 12, 2005; or
(B)
Entered into or renewed after August 12, 2005.
(2)
All contracts in effect on August 12, 2005, that contain a fixed expiration date shall be governed by the law as it existed prior to August 12, 2005.
Acts 2005, No. 254, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 56 - GENERAL PROVISIONS (§§ 4-56-101 — 4-56-107) › Section 4-56-105 - Cross-collateralization clauses - Definition

(a)
As used in this section, unless the context otherwise requires, "cross-collateralization clause" means a clause that by its terms grants a security interest established under a separate security agreement, instrument, mortgage, or deed of trust to secure debt or another obligation other than that for which it was specifically incurred, including without limitation a preexisting or subsequent debt or obligation.
(b)
A cross-collateralization clause that grants a security interest for a personal, family, household, or commercial purpose is valid and enforceable, whether or not the cross-collateralization clause is specific or general, lists or identifies existing debts or obligations, or secures debts incurred for the same purpose as the original debt.
(c)
A cross-collateralization clause is valid and enforceable if the cross-collateralization clause meets the requirements of this section.
(d)
A cross-collateralization clause in a security instrument that does not identify the preexisting debt, value, or obligation is not invalid if the cross-collateralization clause meets the requirements of this section.
(e)
(1)
The failure to comply with this section shall render the cross-collateralization clause void.
(2)
A cross-collateralization clause that is void shall not affect or impair the validity of the security agreement, instrument, mortgage, or deed of trust.
(f)
This section applies to a security agreement, instrument, mortgage, or deed of trust executed on and after September 1, 2021.
Added by Act 2021, No. 313,§ 1, eff. 7/28/2021.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 56 - GENERAL PROVISIONS (§§ 4-56-101 — 4-56-107) › Section 4-56-106 - Specie or legal tender - Definitions

(a)
As used in this section:
(1)
"Legal tender" means a recognized medium of exchange for the payment of debts and taxes; and
(2)
"Specie" means:
(A)
Coin having gold or silver content; or
(B)
Refined gold or silver bullion that is:
(i)
Coined, stamped, or imprinted with its weight and purity; and
(ii)
Valued primarily based on its metal content and not its form.
(b)
Specie or legal tender shall consist of:
(1)
Specie coin issued by the United States Government; or
(2)
Other specie that an Arkansas court rules to be within state authority to make or designate as legal tender.
(c)
Specie or legal tender shall not be characterized as personal property for taxation or regulatory purposes.
(d)
(1)
The exchange of one (1) type or form of legal tender for another type or form of legal tender shall not give rise to any tax liability.
(2)
The purchase, sale, or exchange of any type or form of specie shall not give rise to any tax liability.
(e)
Unless specifically provided by law or by contract, a person shall not compel another person to tender specie or to accept specie as legal tender.
(f)
The Attorney General's office shall enforce this section without prejudice to a private right of action.
(g)
If a valid contract expressly designates a type or form of specie as tender, then an Arkansas court asked to adjudicate the breach of such a contract shall require, as a remedy for the breach, the specific performance of tendering the type or form of specie specified in the contract.
(h)
Specie may be recognized to pay debts.
Added by Act 2023, No. 595,§ 2, eff. 8/1/2023.
Act 2023, No. 595, § 1provides that this act shall be known and may be cited as the "Arkansas Legal Tender Act".
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 57 - INTEREST AND USURY (§§ 4-57-101 — 4-57-109) › Section 4-57-101 - Calculation of interest - Definition

(a)
Whenever in any statute, deed, written or verbal contract, or in any public or private instrument whatever, any certain interest is or may be mentioned, and no period of time is stated for the rate of interest to be calculated, interest shall be calculated at the rate mentioned by the year, in the same manner as if the words "per annum" or "by the year" had been added to the rate.
(b)
(1)
For the purpose of calculating interest, a month shall be considered the twelfth part of a year, and as consisting of thirty (30) days.
(2)
Interest for any number of days less than a month shall be estimated by the proportion which the number of days shall bear to thirty (30).
(c)
(1)
(A)
(i)
In calculating interest for a partial payment that is made on a consumer loan, the interest shall be calculated to the time when the partial payment was made, and the partial payment shall first be applied to the payment of the interest.
(ii)
If the partial payment exceeds the interest due on a consumer loan, the balance of the partial payment shall be applied to reduce the principal of the debt.
(B)
The method for calculating interest and applying payments under subdivision (c)(1)(A) of this section shall apply to all subsequent payments.
(2)
Interest shall not be added to the principal balance of a consumer loan if a payment falls short of paying the interest due.
(3)
Subdivisions (c)(1) and (2) of this section do not apply to commercial credit, including without limitation commercial real estate financing transactions.
(4)
As used in this subsection, "consumer loan" means an extension of credit for personal, family, or household purposes but does not include credit card debt, open account debt, or installment loans.
(d)
The rate of interest under a contract in which a rate of interest is not specified is six percent (6%) per annum.
Amended by Act 2013, No. 1223,§ 1, eff. 8/16/2013.
Amended by Act 2013, No. 1214,§ 1, eff. 8/16/2013.
Rev. Stat., ch. 80, §§ 10-12; C. & M. Dig., §§ 7357-7359; Pope's Dig., §§ 9396-9398; A.S.A. 1947, §§ 68-605 -- 68-607.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 57 - INTEREST AND USURY (§§ 4-57-101 — 4-57-109) › Section 4-57-102 - Reservation or discounting of interest permitted

It is lawful for a party to loan money in this state by reserving or discounting interest upon commercial paper, mortgages, or other securities for any period authorized by a rule or regulation of the Federal Housing Administration or its successor or for a period of at least thirty-six (36) months, whichever is greater, at any rate of interest agreed upon by the parties not to exceed the applicable rate of interest, if any, prescribed by Arkansas Constitution, Amendment 89, whether the papers or securities for principal or interest are payable in this state, or in any other state, territory, kingdom, or country.
Amended by Act 2013, No. 1124,§ 2, eff. 8/16/2013.
Acts 1868, No. 9, § 7, p. 32; 1875, No. 56, § 5, p. 145; 1895, No. 150, § 1, p. 235; C. & M. Dig., § 7355; Pope's Dig., § 9394; Acts 1953, No. 330, § 1; 1961, No. 71, § 1; A.S.A. 1947, § 68-604.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 57 - INTEREST AND USURY (§§ 4-57-101 — 4-57-109) › Section 4-57-103 - Statement of principal and interest

(a)
Upon written request of the borrower or debtor, any seller, lender, or any other person, corporation, or legal entity extending credit in this state shall furnish the borrower or debtor at the time of extending credit or of making the sale with a statement separately stating the principal and interest charged for any goods, property, or services sold to the borrower or debtor.
(b)
(1)
Any creditor willfully refusing to furnish the statement of principal and interest as required in this section or who upon furnishing the statement of principal and interest to the borrower or debtor fraudulently misrepresents the amount of principal or interest paid shall be guilty of a violation and upon conviction shall be subject to a fine of not less than fifty dollars ($50.00) nor more than five hundred dollars ($500).
(2)
Each violation of this section shall constitute a separate offense.
Acts 1969, No. 259, §§ 1, 2; A.S.A. 1947, §§ 68-612, 68-613; Acts 2005, No. 1994, § 37.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 57 - INTEREST AND USURY (§§ 4-57-101 — 4-57-109) › Section 4-57-104 - Maximum rate of interest permitted

The parties to a contract may agree in writing to the payment of interest not exceeding the applicable rate of interest, if any, set forth in Arkansas Constitution, Amendment 89, on money due or to become due.
Amended by Act 2013, No. 1124,§ 3, eff. 8/16/2013.
Acts 1875, No. 56, § 1, p. 145; C. & M. Dig., § 7353; Pope's Dig., § 9392; A.S.A. 1947, § 68-602.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 57 - INTEREST AND USURY (§§ 4-57-101 — 4-57-109) › Section 4-57-105 - Usurious interest prohibited

No person or corporation shall, directly or indirectly, take or receive in money, goods, things in action, or any other valuable thing, any greater sum or value for the loan or forbearance of money or goods, things in action, or any other valuable thing, than is prescribed in §
4-57-104
.
Acts 1875, No. 56, § 2, p. 145; C. & M. Dig., § 7354; Pope's Dig., § 9393; A.S.A. 1947, § 68-603.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 57 - INTEREST AND USURY (§§ 4-57-101 — 4-57-109) › Section 4-57-108 - [Repealed]

Repealed by Act 2013, No. 1124,§ 4, eff. 8/16/2013.
Acts 1985, No. 245, § 1; A.S.A. 1947, § 68-614.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 57 - INTEREST AND USURY (§§ 4-57-101 — 4-57-109) › Section 4-57-109 - Consumer lawsuit lending - Definitions

(a)
As used in this section:
(1)
"Consumer" means an individual who is or may become a plaintiff or claimant in a dispute;
(2)
"Consumer lawsuit lender" means an individual or entity that engages in consumer lawsuit lending;
(3)
"Consumer lawsuit lending" means:
(A)
Providing money to a consumer to use for any purpose other than prosecuting the consumer's dispute, the repayment of which is conditioned upon and sourced from the consumer's proceeds from the outcome of the dispute by judgment, settlement, or otherwise; and
(B)
Purchasing from a consumer a contingent right to receive a share of the proceeds of the consumer's dispute by judgment, settlement, or otherwise; and
(4)
"Dispute" means:
(A)
A civil action;
(B)
An alternative dispute resolution proceeding; or
(C)
An administrative proceeding before an agency or instrumentality of the government of this state.
(b)
(1)
The maximum rate of interest provided by §
4-57-104
applies to a consumer lawsuit lending transaction.
(2)
Any amount paid or payable to a consumer lawsuit lender under a consumer lawsuit lending transaction that exceeds the amount provided by the consumer lawsuit lender to the consumer in connection with a consumer's dispute shall be included as interest for purposes of §
4-57-104
.
(c)
A contract or agreement governing a consumer lawsuit lending transaction shall:
(1)
Be in writing; and
(2)
(A)
Prominently disclose the annual percentage rate applicable to the consumer lawsuit lending transaction.
(B)
The annual percentage rate shall be included in bold, 20-point type and Arial font surrounded by a black rectangle border of line weight one point five (1.5), as follows:
"APR. %"
(d)
A violation of this section is:
(1)
A deceptive and unconscionable trade practice under §
4-88-107
; and
(2)
Subject to the penalties, remedies, and enforcement provided by §
4-88-101
et seq.
Amended by Act 2017, No. 261,§ 1, eff. 8/1/2017.
Added by Act 2015, No. 915,§ 1, eff. 7/22/2015.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-101 - Remedies unaltered by chapter

Nothing contained in this chapter shall change the nature of the defense or prevent the allowance of discounts or offsets, either in law or equity, that any defendant may have against the original assignor previous to the assignment or against the plaintiff or assignee after the assignment.
Rev. Stat., ch. 11, § 3; C. & M. Dig., § 477; Pope's Dig., § 514; A.S.A. 1947, § 68-803.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-102 - Assignment of certain instruments authorized

All bonds, bills, notes, agreements, and contracts in writing for the payment of money or property, or for both money and property, shall be assignable.
Rev. Stat., ch. 11, § 1; C. & M. Dig., § 475; Pope's Dig., § 512; A.S.A. 1947, § 68-801.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-103 - Consideration

It shall not be necessary for any assignee to set forth the consideration of any of the assignments on any such assigned paper.
Rev. Stat., ch. 11, § 5; C. & M. Dig., § 480; Pope's Dig., § 517; A.S.A. 1947, § 68-807.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-104 - Date of assignment

(a)
All assignments of any instruments of writing shall bear the date upon which the assignment was made.
(b)
All blank assignments shall be taken to have been made on the day most to the advantage of the defendant.
Rev. Stat., ch. 11, §§ 6, 7; C. & M. Dig., §§ 481, 482; Pope's Dig., §§ 518, 519; A.S.A. 1947, §§ 68-808, 68-809.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-105 - Completion of assignments - Rights and remedies of debtor and subsequent assignees

(a)
Every written assignment made in good faith, whether in the nature of a sale, pledge, or other transfer, or on account receivable or any moneys due or to become due on an open account or on a contract, except for wages and salaries, all of which shall be hereinafter referred to as "account", with or without the giving of notice of the assignment to the debtor, shall be valid and complete at the time of the making of the assignment and shall be deemed to have been fully perfected at that time.
(b)
(1)
After an assignment made in good faith is complete, no bona fide purchaser from the assignor, no creditor of the assignor, and no other assignee or transferee of the assignor in any event shall have or be deemed to have acquired any right or interest in the account so assigned or transferred or in the proceeds thereof or in any obligation substituted therefor, superior to the rights and interest therein of the assignee.
(2)
In any case where, acting without knowledge of the assignment or transfer, the debtor in good faith pays all or part of such account to the assignor or to the creditor, subsequent purchaser, or other assignee and transferee, all payments so made shall be acquittance to the debtor to the extent thereof, and the assignor, creditor, subsequent purchaser, or other assignee and transferee shall be a trustee of any sums so paid and shall be accountable and liable to the prior assignee thereof.
(3)
However, any defense of the debtor against any account so assigned or transferred shall be good as against any subsequent purchaser or other assignee and transferee.
Acts 1945, No. 118, § 1; A.S.A. 1947, § 68-805.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-106 - Powers of assignor after assignment

No assignor shall be able to release any part of the consideration of the instrument by him or her assigned after the assignment thereof.
Rev. Stat., ch. 11, § 8; C. & M. Dig., § 483; Pope's Dig., § 520; A.S.A. 1947, § 68-810.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-107 - Vendor's lien inures to benefit of assignee

The lien or equity held or possessed by the vendor of any real estate for the sale of the real estate shall inure to the benefit of any assignee of the notes or obligations given for the purchase money of the real estate, and the lien or equity shall be assignable and payable by endorsement or otherwise, in the hands of the assignee, and any such assignee may maintain an action or suit to enforce the lien or equity if the lien or equity is expressed upon or appears from the face of the deed of conveyance.
Civil Code, § 28; Acts 1873, No. 88, § 1[28], p. 213; C. & M. Dig., § 476; Pope's Dig., § 513; A.S.A. 1947, § 68-802.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-108 - Liability of assignors upon nonpayment or protest of instrument

All endorsers or assignors of any instrument in writing assignable by law for the payment of money alone, on receiving due notice of the nonpayment or protest of any endorsed or assigned instrument in writing, shall be equally liable with the maker, obligor, or payee of the instrument, and may be sued for the same at the same time with the maker, obligor, or payee thereof, or may be sued separately.
Rev. Stat., ch. 11, § 9; C. & M. Dig., § 484; Pope's Dig., § 521; A.S.A. 1947, § 68-811.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-109 - Proof of assignment - Pleadings

The assignee of any instrument in writing made assignable by law, on bringing suit on any assigned paper, shall not be required to prove the assignment unless the defendant annexes to his or her answer an affidavit denying the assignment and stating in the affidavit that he or she verily believes that one (1) or more of the assignments on the instrument of writing was forged.
Rev. Stat., ch. 11, § 4; C. & M. Dig., § 479; Pope's Dig., § 516; A.S.A. 1947, § 68-806.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 58 - ASSIGNMENTS (§§ 4-58-101 — 4-58-110) › Section 4-58-110 - Recovery by plaintiff

The plaintiff in the several actions shall collect only the amount of his or her demand, with interest due thereon, and the costs on only one (1) of the actions.
Rev. Stat., ch. 11, § 10; C. & M. Dig., § 485; Pope's Dig., § 522; A.S.A. 1947, § 68-812.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 1 - STATUTE OF FRAUDS (§§ 4-59-101 — 4-59-103) › Section 4-59-101 - Contracts, agreements, or promises required to be in writing - Definitions

(a)
Unless the agreement, promise, or contract, or some memorandum or note thereof, upon which an action is brought is made in writing and signed by the party to be charged therewith, or signed by some other person properly authorized by the person sought to be charged, no action shall be brought to charge any:
(1)
Executor or administrator, upon any special promise, to answer for any debt or damage out of his or her own estate;
(2)
Person, upon any special promise, to answer for the debt, default, or miscarriage of another;
(3)
Person upon an agreement made in consideration of marriage;
(4)
Person upon any contract for the sale of lands, tenements, or hereditaments, or any interest in or concerning them;
(5)
Person upon any lease of lands, tenements, or hereditaments for a longer term than one (1) year;
(6)
Person upon a contract, promise, or agreement that is not to be performed within one (1) year from the making of the contract, promise, or agreement; or
(7)
Person upon a contract, promise, or agreement that results in a waiver of a right protected by the Arkansas Constitution or the United States Constitution.
(b)
No promise to pay a debt or obligation which has been discharged in bankruptcy shall be valid unless the promise is in writing.
(c)
No action may be maintained to charge any person upon any promise made after full age to pay any debt contracted during infancy, unless the promise or ratification is made by some writing signed by the party to be charged with the promise or ratification.
(d)
(1)
No action may be maintained by or against any person or entity on any agreement to extend credit or to renew or modify existing credit in an amount greater than ten thousand dollars ($10,000) or to make any other accommodation relating to such credit, unless the agreement is in writing and is signed by the party to be charged with the agreement, or the duly authorized agent of such party.
(2)
For the purpose of this section:
(A)
"Agreement" means any agreement, contract, promise, undertaking, or commitment, or any modification thereof; and
(B)
"Credit" means the loaning of money, the right granted to defer payment of a debt, or to incur debt and defer its payment.
(3)
However, nothing in this section shall in any way limit recovery of moneys or collateral which represents or relates to credit actually extended.
Amended by Act 2017, No. 980,§ 3, eff. 8/1/2017.
Rev. Stat., ch. 30, § 1; Rev. Stat., ch. 91, § 34; Acts 1901, No. 169, § 1, p. 322; C. & M. Dig., §§ 4862, 4863, 4869; Pope's Dig., §§ 6059, 6060, 6066; A.S.A. 1947, §§ 38-101 -- 38-103; Acts 1989, No. 530, § 1.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 1 - STATUTE OF FRAUDS (§§ 4-59-101 — 4-59-103) › Section 4-59-102 - Leases, estates, etc

(a)
All leases, estates, interests of freeholds, or lease of years, or any uncertain interests of, in, to, or out of any messuages, lands, or tenements made or created by livery and seisin only, or by parol, and not put in writing and signed by the parties or their agents lawfully authorized by writing so making or creating the leases, estates, interests of freehold, lease of years, or any uncertain interests, shall have the force and effect of leases or estates at will only, and shall not, either in law or equity, be deemed or taken to have any other or greater effect or force than as leases not exceeding the term of one (1) year.
(b)
No leases, estates, or interest, either of freehold or of term of years in, to, or out of any messuages, lands, or tenements, except leases for a term not exceeding one (1) year, shall at any time be assigned, granted, or surrendered unless it is by deed or notice in writing, signed by the party so assigning, granting, or surrendering the leases, estates, interests of freeholds, lease of years, or any uncertain interests, or by their agents lawfully authorized by writing or by operation of law.
Rev. Stat., ch. 65, §§ 8, 9; C. & M. Dig., §§ 4865, 4866; Pope's Dig., §§ 6062, 6063; A.S.A. 1947, §§ 38-104, 38-105.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 1 - STATUTE OF FRAUDS (§§ 4-59-101 — 4-59-103) › Section 4-59-103 - Trusts or confidences

(a)
(1)
All declarations or creations of trusts or confidences of any lands or tenements shall be manifested and proved by some writing signed by the party who is or shall be by law enabled to declare the trusts, or by his or her last will in writing, or else they shall be void.
(2)
All grants and assignments of any trusts or confidences shall be in writing signed by the party granting or assigning them, or by his or her last will in writing, or else they shall be void.
(b)
Where any conveyance shall be made of any lands or tenements, by which a trust or confidence may arise or result by implication of law, the trust or confidence shall not be affected by anything contained in this section, §
4-59-102
, and §
4-59-201
et seq.
Rev. Stat., ch. 65, §§ 10, 11; C. & M. Dig., §§ 4867, 4868; Pope's Dig., §§ 6064, 6065; A.S.A. 1947, §§ 38-106, 38-107.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-202 - Insolvency

(a)
A debtor is insolvent if, at a fair valuation, the sum of the debtor's debts is greater than the sum of the debtor's assets.
(b)
A debtor that is generally not paying the debtor's debts as they become due, other than as a result of a bona fide dispute, is presumed to be insolvent. The presumption imposes on the party against which the presumption is directed the burden of proving that the nonexistence of insolvency is more probable than its existence.
(c)
Assets under this section do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under this subchapter.
(d)
Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 2.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-203 - Value

(a)
Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's business to furnish support to the debtor or other person.
(b)
For the purposes of §
4-59-204(a)(2)
and §
4-59-205
, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.
(c)
A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 3.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-204 - Transfer or obligation voidable as to present or future creditor

(a)
A transfer made or obligation incurred by a debtor is voidable as to a creditor, whether the creditor's claim arose before or after the transfer was made or the obligation was incurred, if the debtor made the transfer or incurred the obligation:
(1)
with actual intent to hinder, delay, or defraud any creditor of the debtor; or
(2)
without receiving a reasonably equivalent value in exchange for the transfer or obligation, and the debtor:
(i)
was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or
(ii)
intended to incur, or believed or reasonably should have believed that the debtor would incur, debts beyond the debtor's ability to pay as they became due.
(b)
In determining actual intent under subdivision (a)(1) of this section, consideration may be given, among other factors, as to whether:
(1)
the transfer or obligation was to an insider;
(2)
the debtor retained possession or control of the property transferred after the transfer;
(3)
the transfer or obligation was disclosed or concealed;
(4)
before the transfer was made or obligation was incurred, the debtor had been sued or threatened with suit;
(5)
the transfer was of substantially all the debtor's assets;
(6)
the debtor absconded;
(7)
the debtor removed or concealed assets;
(8)
the value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred or the amount of the obligation incurred;
(9)
the debtor was insolvent or became insolvent shortly after the transfer was made or the obligation was incurred;
(10)
the transfer occurred shortly before or shortly after a substantial debt was incurred; and
(11)
the debtor transferred the essential assets of the business to a lienor that transferred the assets to an insider of the debtor.
(c)
A creditor making a claim for relief under subsection (a) of this section has the burden of proving the elements of the claim for relief by a preponderance of the evidence.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 4.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-205 - Transfer or obligation voidable as to present creditor

(a)
A transfer made or obligation incurred by a debtor is voidable as to a creditor whose claim arose before the transfer was made or the obligation was incurred if the debtor made the transfer or incurred the obligation without receiving a reasonably equivalent value in exchange for the transfer or obligation and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer or obligation.
(b)
A transfer made by a debtor is voidable as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt, the debtor was insolvent at that time, and the insider had reasonable cause to believe that the debtor was insolvent.
(c)
Except as provided under §
4-59-202(b)
, a creditor making a claim for relief under subsection (a) or subsection (b) of this section has the burden of proving the elements of the claim for relief by a preponderance of the evidence.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 5.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-206 - When transfer is made or obligation is incurred

For the purposes of this subchapter:
(1)
a transfer is made:
(i)
with respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against which applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and
(ii)
with respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this subchapter that is superior to the interest of the transferee;
(2)
if applicable law permits the transfer to be perfected as provided in subdivision (1) of this section and the transfer is not so perfected before the commencement of an action for relief under this subchapter, the transfer is deemed made immediately before the commencement of the action;
(3)
if applicable law does not permit the transfer to be perfected as provided in subdivision (1) of this section, the transfer is made when it becomes effective between the debtor and the transferee;
(4)
a transfer is not made until the debtor has acquired rights in the asset transferred; and
(5)
an obligation is incurred:
(i)
if oral, when it becomes effective between the parties; or
(ii)
if evidenced by a record, when the record signed by the obligor is delivered to or for the benefit of the obligee.
No court order or judgment of a court shall be an obligation incurred under this subchapter.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 6; 1993, No. 1279, § 2.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-207 - Remedies of creditor

(a)
In an action for relief against a transfer or obligation under this subchapter, a creditor, subject to the limitations in §
4-59-208
, may obtain:
(1)
avoidance of the transfer or obligation to the extent necessary to satisfy the creditor's claim;
(2)
an attachment or other provisional remedy against the asset transferred or other property of the transferee if available under applicable law;
(3)
subject to applicable principles of equity and in accordance with applicable rules of civil procedure:
(i)
an injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
(ii)
appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or
(iii)
any other relief the circumstances may require; and
(4)
a settlement agreement with the transferee or a child support creditor or the Office of Child Support Enforcement of the Revenue Division of the Department of Finance and Administration in Title IV-D cases.
(b)
If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 7; 1997, No. 1296, § 2.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-209 - Extinguishment of claim for relief

A claim for relief with respect to a transfer or obligation under this subchapter is extinguished unless action is brought:
(a)
under §
4-59-204(a)(1)
, not later than four years after the transfer was made or the obligation was incurred or, if later, not later than one year after the transfer or obligation was or could reasonably have been discovered by the claimant;
(b)
under §
4-59-204(a)(2)
or §
4-59-205(a)
, not later than four years after the transfer was made or the obligation was incurred; or
(c)
under §
4-59-205(b)
, not later than one year after the transfer was made.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 9; 1993, No. 1279, § 3.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-210 - Governing law

(a)
In this section, the following rules determine a debtor's location:
(1)
A debtor who is an individual is located at the individual's principal residence.
(2)
A debtor that is an organization and has only one place of business is located at its place of business.
(3)
A debtor that is an organization and has more than one place of business is located at its chief executive office.
(b)
A claim for relief in the nature of a claim for relief under this subchapter is governed by the local law of the jurisdiction in which the debtor is located when the transfer is made or the obligation is incurred.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 10.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-211 - Application to series organization

(a)
In this section:
(1)
"Protected series" means an arrangement, however denominated, created by a series organization that, pursuant to the law under which the series organization is organized, has the characteristics set forth in subdivision (a)(2) of this section.
(2)
"Series organization" means an organization that, pursuant to the law under which it is organized, has the following characteristics:
(i)
the organic record of the organization provides for creation by the organization of one or more protected series, however denominated, with respect to specified property of the organization, and for records to be maintained for each protected series that identify the property of or associated with the protected series.
(ii)
debt incurred or existing with respect to the activities of, or property of or associated with, a particular protected series is enforceable against the property of or associated with the protected series only, and not against the property of or associated with the organization or other protected series of the organization.
(iii)
debt incurred or existing with respect to the activities or property of the organization is enforceable against the property of the organization only, and not against the property of or associated with a protected series of the organization.
(b)
A series organization and each protected series of the organization is a separate person for purposes of this subchapter, even if for other purposes a protected series is not a person separate from the organization or other protected series of the organization.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 11.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-212 - Supplementary provisions

Unless displaced by the provisions of this subchapter, the principles of law and equity, including the law merchant and the law relating to principal and agent, estoppel, laches, fraud, misrepresentation, duress, coercion, mistake, insolvency, or other validating or invalidating cause, supplement its provisions.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 12.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-213 - Uniformity of application and construction

This subchapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this subchapter among states enacting it.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Acts 1987, No. 967, § 13.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-214 - Relation to Electronic Signatures in Global and National Commerce Act

This subchapter modifies, limits, or supersedes the Electronic Signatures in Global and National Commerce Act,
15 U.S.C. Section 7001
et seq., but does not modify, limit, or supersede Section 101(c) of that act,
15 U.S.C. Section 7001(c)
, or authorize electronic delivery of any of the notices described in Section 103(b) of that act,
15 U.S.C. Section 7003(b)
.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 2 - UNIFORM VOIDABLE TRANSACTIONS ACT (§§ 4-59-201 — 4-59-215) › Section 4-59-215 - Short title

This subchapter, which was formerly cited as the Uniform Fraudulent Transfer Act, may be cited as the Uniform Voidable Transactions Act.
Amended by Act 2017, No. 1086,§ 1, eff. 8/1/2017.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 3 - BILLS OF LADING (§§ 4-59-301 — 4-59-307) › Section 4-59-301 - Issuance of bill for goods not received

Any officer, agent, or servant of a carrier who with intent to defraud issues or aids in issuing a bill, knowing that all or any part of the goods for which the bill is issued have not been received by the carrier or by an agent of the carrier or by a connecting carrier or are not under the carrier's control at the time of issuing the bill, shall be guilty of a Class D felony.
Acts 1941, No. 264, § 44; A.S.A. 1947, § 68-1144; Acts 2005, No. 1994, § 421.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 3 - BILLS OF LADING (§§ 4-59-301 — 4-59-307) › Section 4-59-302 - Issuance of bill containing false statement

Any officer, agent, or servant of a carrier who with intent to defraud issues or aids in issuing a bill for goods, knowing that it contains any false statement, shall be guilty of a Class A misdemeanor.
Acts 1941, No. 264, § 45; A.S.A. 1947, § 68-1145; Acts 2005, No. 1994, § 214.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 3 - BILLS OF LADING (§§ 4-59-301 — 4-59-307) › Section 4-59-303 - Issuance of duplicate bills not so marked

Any officer, agent, or servant of a carrier who with intent to defraud issues or aids in issuing a duplicate or additional negotiable bill for goods, knowing that a former negotiable bill for the same goods or any part of them is outstanding and uncancelled, shall be guilty of a crime and upon conviction shall be punished for each offense by imprisonment not exceeding five (5) years or by a fine not exceeding five thousand dollars ($5,000), or by both.
Acts 1941, No. 264, § 46; A.S.A. 1947, § 68-1146.
Arkansas Code of 1987 (2023) › Title 4 - BUSINESS AND COMMERCIAL LAW (§§ 4-1-101 — 4-119-105) › Subtitle 5 - CONTRACTS, NOTES, AND OTHER COMMERCIAL INSTRUMENTS (§§ 4-56-101 — 4-60-103) › Chapter 59 - FRAUD (§§ 4-59-101 — 4-59-503) › Subchapter 3 - BILLS OF LADING (§§ 4-59-301 — 4-59-307) › Section 4-59-304 - Issuance of nonnegotiable bill not so marked

Any person who with intent to defraud issues or aids in issuing a nonnegotiable bill without the words "not negotiable" placed plainly upon the face thereof shall be guilty of a crime and upon conviction shall be punished for each offense by imprisonment not exceeding five (5) years or by a fine not exceeding five thousand dollars ($5,000), or by both.
Acts 1941, No. 264, § 50; A.S.A. 1947, § 68-1150.