Arkansas Code Title 6, Subtitle 5, Chapter 62, Subchapter 6 - Transfer or Lease of Property

• § 6-62-601 - Definitions.
  As used in this subchapter, unless the context otherwise requires: (1) "Bank funds" means any funds of a board that are neither appropriated from...
• § 6-62-602 - Transfer and Lease Authorized.
  Subject to and in accordance with the provisions of this subchapter and in addition to any other statutory or inherent authority of a board,...
• § 6-62-603, 6-62-604 - [Repealed.]
• § 6-62-605 - Execution of Contracts.
  Boards are authorized to execute all contracts and legal instruments necessary and convenient to effectuate the transfers and the transactions herein authorized.
• § 6-62-606 - Exemption From Compliance With Certain State and Local Laws -- Review by the Building Authority Division of the Department of Finance and Administration.
  (a) A board and an owner proceeding under this subchapter shall be exempt from compliance with all municipal and county land use restrictions, including...
• § 6-62-607 - Right to Mortgage or Encumber Property -- Right to Cure Default.
  (a) The transfer of any property shall authorize the owner to mortgage or otherwise encumber the property.(b) However, the board shall retain the right...
• § 6-62-608 - Resolution Authorizing Transfer and Lease.
  (a) Before proceeding with any transfer, the board shall first determine, by resolution adopted at a legal meeting of the board: (1) That the...
• § 6-62-609 - Negotiations -- Terms of Transfer.
  (a) Subject to any requirements or limitations specified in the resolution, the persons so designated by the board shall proceed to negotiate with one...
• § 6-62-610 - Boards of Appraisers -- Determination of Fair Market Value and Fair Market Rental.
  (a) The fair market value and fair market rental of the property shall be determined by a board of qualified professional appraisers, consisting of...
• § 6-62-611 - Agreement for Transfer and Lease of Property -- Instruments of Conveyance -- Title Insurance.
  (a) (1) Upon completion of the determination of the fair market value and the fair market rental of the property, the board may enter...
• § 6-62-612 - Lease Agreement -- Repurchase of Property.
  (a) Except as otherwise provided in this subchapter, the lease agreement may be for such term and may contain such covenants and provisions to...
• § 6-62-613 - Bank Funds.
  (a) All moneys received by a board as consideration for the transfer of property, whether in the form of payment of the principal of...

Last modified: November 15, 2016