§ 15-72-406 - Sale -- Application of proceeds. - Arkansas Statutes

15-72-406. Sale -- Application of proceeds.

(a) (1) Sales of illegal oil, illegal gas, or illegal product seized under the authority of this act, and notices of those sales, shall be in accordance with the laws of this state relating to the sale and disposition of attached property.

(2) However, where the property is in the custody of a conservator, the sale shall be held by the conservator and not by the sheriff.

(3) For his or her services hereunder, the conservator shall receive a reasonable fee to be paid out of the proceeds of the sale, to be fixed by the court ordering the sale.

(b) The court may order that the commodity be sold in specified lots or portions, and at specified intervals, instead of being sold at one time.

(c) Title to the amount sold shall pass as of the date of the act which is found by the court to make the commodity contraband.

(d) The judgment shall provide for payment of the proceeds of the sale into the Oil and Gas Commission Fund, after first deducting the costs in connection with the proceedings and the sale.

(e) The amount sold shall be treated as legal oil, legal gas, or legal product, as the case may be, in the hands of the purchaser, but the purchaser and the commodity shall be subject to all applicable laws, and rules, regulations, and orders with respect to further sale or purchase or acquisition, and with respect to the transportation, refining, processing, or handling in any other way, of the commodity purchased.

(f) No oil, gas, or illegal product shall be sold for less than the average market value at the time of sale of similar products of like grade and character.