§ 22-6-301 - Sale by county court on application. - Arkansas Statutes

22-6-301. Sale by county court on application.

(a) It shall be lawful for the county court of any county in which any permanent school lands and lots, as defined in 22-6-111, are situated to order the lands or lots sold at public auction by the sheriff, in legal subdivisions, upon the application of any person who may desire to purchase the lands or lots and who will deposit with the clerk of the court a sum sufficient to pay the costs of the appraisement, the estimate of the timber thereof, if any, and its commercial value, the survey thereof if one is necessary, and the advertisement and other costs of sale.

(b) The applicant shall also file a written guaranty that he or she will bid at the sale at least two dollars and fifty cents ($2.50) per acre if the acreage is land and the full appraised value if the acreage is in lots.

(c) The applicant shall not, by reason of his or her application and deposit, acquire any preference right to purchase the land or lots at the sale, but when the sale of the land or lots is approved, the deposit so made shall be repaid out of the purchase price whether the applicant is the purchaser or not, except that if the lands should not be sold because of the failure of the applicant to make and complete his or her guaranty bid, the deposit made by him or her for the cost of sale shall be forfeited and not repaid.