2017 Arkansas Code
Title 28 - Wills, Estates, and Fiduciary Relationships
Subtitle 4 - Administration of Decedents' Estates
Chapter 51 - Transfers of Property
Subchapter 1 - General Provisions
§ 28-51-105. Terms of sale
- (a) In all sales of real or personal property, the court may authorize credit to be extended by the personal representative for a period not exceeding ten (10) years from the date of the sale and for an amount not exceeding ninety percent (90%) of the purchase price, the payment of which shall be secured by retention of title or reservation of a vendor's lien and in addition may be secured by notes or bonds with sureties approved by the personal representative, subject to the control of the court.
- (b) If credit is authorized, the order shall specify the time of payment, the minimum rate of interest on deferred payments, and the manner in which the payments shall be secured.
- (c) However, the extension of credit shall not extend or prohibit the closing of the estate if all other pertinent matters before the estate have been resolved to the court's satisfaction.
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