§ 2-7-302 - Release prior to proceedings required -- Exceptions. - Arkansas Statutes

2-7-302. Release prior to proceedings required -- Exceptions.

(a) In connection with a secured indebtedness of twenty thousand dollars ($20,000) or more, no proceeding against a farmer shall be commenced to foreclose a mortgage on agricultural property, to terminate a contract for deed to purchase agricultural property, to repossess or foreclose a security interest in agricultural property, to set off or seize an account, moneys, or other asset which is agricultural property, or to enforce any judgment against agricultural property unless the creditor has first obtained a release as provided in this chapter.

(b) An action for attachment or replevin may be commenced without first obtaining a release in those cases provided for under 16-110-101(1)(A)(vi)-(viii) or 18-60-807.