2016 Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 4 - Administration of Decedents' Estates
Chapter 50 - Claims Against Estates
§ 28-50-113. Payment of claims

(a) Upon expiration of six (6) months after the date of the first publication of notice to creditors and the final adjudication of all claims filed against the estate, the personal representative shall proceed to pay the claims allowed against the estate in accordance with the provisions of the Probate Code.

(b) If it appears at any time that the estate is or may be insolvent, that there are insufficient funds on hand, or that there is other good and sufficient cause, the personal representative may report that fact to the court and apply for any order that he or she deems necessary in connection therewith.

(c) (1) The court, by order, shall direct the application of the assets of the estate to the payment of claims of the several classes in accordance with the order of priority set forth in § 28-50-106.

(2) If there are sufficient assets to pay part, but not all, of the claims of a single class, the assets applicable thereto shall be apportioned between the claims of the class.

(d) Prior to the expiration of the period of six (6) months, the personal representative shall pay such of the claims as the court shall order, and the court may require bond or security to be given by the creditor to refund such part of the payment as may be necessary to make payment in accordance with the provisions of the Probate Code, but all payments made by the personal representative without order of court shall be at his or her own peril.