§ 18-45-204 - Procedure for sale of property possessed by lienholder. - Arkansas Statutes

18-45-204. Procedure for sale of property possessed by lienholder.

(a) (1) The sale shall not take place until the expiration of thirty (30) days from the time the work is completed.

(2) (A) If the debt is not paid at the end of that time, it shall be the duty of the lienholder, not less than ten (10) days before making the sale, to post up written notice of the proposed sale at or near the front door of his or her place of business and at least five (5) other of the most public places in the township.

(B) This written notice of the proposed sale shall specify the property to be sold, the name of the owner or debtor, the time and place of sale, and shall be signed by the lienholder.

(b) (1) At the sale, which shall be at public auction for cash to the highest and best bidder, the lienholder shall have the right to bid not less than the amount of his or her debt.

(2) In case the property sells for more than the amount of the debt, the lienholder shall pay over the surplus on demand to the person entitled thereto after deducting the amount of his or her debt and the actual cost of the sale.

(c) It shall be the duty of the lienholder, besides giving notice as required in subsection (a) of this section, to make demand for the debt before making the sale by registered letter addressed to the last known residence or post office address of the debtor.

(d) In the lienholder's dealings with the property held by him or her, the lienholder shall act in good faith with the debtor and shall be responsible for any abuse of the power and authority vested in him or her by the provisions of this subchapter.

(e) The provisions of 27-50-1101 shall govern sales of vehicles subject to the registration laws of this state.