§ 18-48-707 - Disposition of sale proceeds. - Arkansas Statutes

18-48-707. Disposition of sale proceeds.

(a) Proceeds from the sale shall be paid, in order of priority:

(1) To satisfy all prior liens having priority over the marina operator's lien as set forth in 18-48-702;

(2) To satisfy the marina operator's lien; and

(3) To the occupant or other person or persons entitled thereto.

(b) If a sale is held under this subchapter, the marina operator shall distribute the sale proceeds pursuant to subsection (a) of this section within ten (10) days following the sale.

(c) Any funds remaining in the possession of the marina operator, after the exhaustion of reasonable efforts to locate and distribute the funds to prior lienholders, the occupant or other persons entitled thereto, shall escheat to the county.