§ 16-66-413 - Sale on credit. - Arkansas Statutes

16-66-413. Sale on credit.

(a) (1) In all cases where the right to stay the execution exists and is not exercised, sales under the execution shall be on a credit of three (3) months, upon the purchaser's giving bond and good security to the plaintiff in the execution for the payment of the sale money, bearing interest from date.

(2) The bond may be in substance as follows:

"A. B., principal, and C. D., surety, do bind ourselves to pay E. F., within three months from the date hereof, the sum of $ ....., with interest thereon from this date, being the purchase money (here set out the several articles of property so purchased, with the price of each), which was this day sold by G. H., sheriff (or constable, as the case may be) of .... County, in satisfaction of an execution which issued from the office of the Clerk of the .... Circuit Court Clerk, (or K. L., a justice of the peace) on the .... day of ....., in favor of the said E. F., against M. O., for the sum of $ .... debt or damages, with interest and costs.

"Given under our hands, this .... day of ....., 20......"

(b) (1) When property sold on credit sells for more than will satisfy the execution, costs, and commission, the officer making the sale shall take a bond payable to the defendant, the owner of the property, for the excess, similar in every other respect to that directed in subsection (a) of this section to be taken to the plaintiff, and to have the same force and effect, and on which the same proceedings may be had.

(2) If the property is sold for cash in hand, any excess over satisfying the execution, charges, and commissions shall be paid over by the officer to the defendant whose property is sold.