Go to previous versions
of
this Section
2020 Arkansas Code
Title 16 - Practice, Procedure, And Courts
Subtitle 7 - Particular Proceedings And Remedies
Chapter 107 - Actions Involving Bonds, Notes, Etc.
Subchapter 3 - Sureties' Remedies
§ 16-107-303. Recovery of money and property from principal debtor
Universal Citation: AR Code § 16-107-303 (2020)
(a) When any bond, bill, or note for the payment of money or delivery of property shall not be paid by the principal debtor, according to the tenor thereof, and the bond, bill, or note, or any part thereof shall be paid by the security, the principal debtor shall refund to the security the amount or value, with interest thereon at the rate of ten percent (10%) per annum, from the time of payment.
(b)
(1) When the payment by a security shall be made in money, the security may recover the money with interest, in an action for so much money, paid to the use of the defendant.
(2) When payment is made in property, he or she may recover the value, with the interest, in an action for so much property sold to the defendant.
Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.
