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AR SB1048
Bill
Status
4/12/2013
Primary Sponsor
Jeremy Hutchinson
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AI Summary
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Amends Arkansas Code § 18-60-420(a) to allow courts in partition actions to order the sale of property by negotiated sale in addition to public auction.
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Permits courts to establish the terms and conditions of negotiated sales, including engaging a licensed real estate broker to sell the land.
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Applies the new negotiated sale procedure to cases filed after the effective date of the act.
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Declares an emergency to allow immediate implementation, stating the change is necessary to provide property owners with more flexible options to obtain the best price for partitioned property.
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Becomes effective upon gubernatorial approval, expiration of veto period, or veto override.
Legislative Description
To Regulate Partition Sales; To Permit Negotiated Sales In Partition Actions; And To Declare An Emergency.
Last Action
Notification that SB1048 is now Act 1184
4/12/2013