§ 16-66-403 — Levy on joint or partnership property - Assertion of claim

Arkansas § 16-66-403

• Jurisdiction: Arkansas
• Title: 16

Text

(a) Whenever a sheriff or other officer levies an execution upon property or effects held jointly or in partnership by the debtor in the execution with others, to satisfy the separate debt of the debtor, the sheriff or other officer shall not proceed to make sale thereof, except as provided in this section if the person or persons, or any of them, holding a joint or partnership interest with the debtor, asserts a claim thereto, and, in writing, notifies the officer of the existence of the claim. (b) Where any such levy is made, the officer shall give notice thereof, in writing, to the other joint owners or partners, if they are residing in his or her county, or to the agent, if any, of any joint owners or partners who are absent or nonresidents. If the joint owners or partners thereafter, for the space of fifteen (15) days, fail to give the officers notice of their claim, the officer shall then proceed to advertise and sell the property so levied upon. (c) When a claim is asserted by the joint owners or partners to the property levied upon, the officer shall not, by virtue of his or her levy, deprive the joint owners or partners of the possession of the property levied upon, except for the purpose of making an inventory thereof and having the property appraised. (d) The officer shall proceed to have the property levied upon appraised as provided in § 16-66-304(b) . He or she shall return the inventory and appraisal, with the execution to the officer from which it issued. In his or her return, he or she shall state all the facts connected with the levy by him or her and the claims, if any, set up by the joint owner or owners. (e) The execution creditor shall have a lien upon the property levied upon, such as is given by law to executions in the hands of the officer, and which shall continue until the levy is disposed of. (f) Upon the execution's being filed by the officer that he or she had levied the execution upon the property, in which the debtor was joint owner or partner and that the property was claimed by the other joint owners or partners, the execution creditor may proceed to subject to the satisfaction of his or her execution the interest of his or her debtor so levied upon. (g) (1) If the creditor, at the commencement of his or her action or afterward, files an affidavit that he or she verily believes that the property levied upon will be removed from the county, sold, or otherwise disposed of with intent fraudulently to defeat his or her lien, the court, or judge thereof in vacation, or, if within the jurisdiction of a magistrate, then a justice of the peace, may make an order directing the officer to possess himself or herself of the property so levied upon, unless a bond with approved security is executed to the plaintiff in the execution, binding the obligors in the bond to have the same forthcoming, in obedience to any order or judgment of the court in the action. (2) The bond shall be taken by the officer and returned by him or her to the court in which the action is pending.

Legislative History

Civil Code, §§ 742-748; C. & M. Dig., §§ 4280-4286; Pope's Dig., §§ 5292-5298; A.S.A. 1947, §§ 30-701 -- 30-707; Acts 2003, No. 1185, § 201.