Arkansas § 16-66-405 Indemnifying bonds

Arkansas Statutes

§ 16-66-405 — Indemnifying bonds

(a)(1) If an officer who levies, or is required to levy, an execution upon personal property, doubts whether it is subject to execution, he or she may give to the plaintiff therein, or his or her agent or attorney, notice that an indemnifying bond is required.

(2)Bond may, thereupon, be given by or for the plaintiff, with one (1) or more sufficient sureties to be approved by the officer, to the effect that the obligors therein will indemnify him or her against the damage he may sustain in consequence of the seizure or sale of the property, will pay to any claimant thereof the damages he or she may sustain in consequence of the seizure or sale, and will warrant to any purchaser of the property such estate or interest therein as is sold.

(3)Thereupon, the officer shall proceed to subject

Free access — add to your briefcase to read the full text and ask questions with AI

(a) (1) If an officer who levies, or is required to levy, an execution upon personal property, doubts whether it is subject to execution, he or she may give to the plaintiff therein, or his or her agent or attorney, notice that an indemnifying bond is required. (2) Bond may, thereupon, be given by or for the plaintiff, with one (1) or more sufficient sureties to be approved by the officer, to the effect that the obligors therein will indemnify him or her against the damage he may sustain in consequence of the seizure or sale of the property, will pay to any claimant thereof the damages he or she may sustain in consequence of the seizure or sale, and will warrant to any purchaser of the property such estate or interest therein as is sold. (3) Thereupon, the officer shall proceed to subject the property to the execution and shall return the indemnifying bond to the circuit court of the county from which the execution issued. (b) If the bond mentioned in subsection (a) of this section is not given, the officer or she may refuse to levy the execution or, if it had been levied, and the bond is not given in a reasonable time after it is required by the officer, he or she may restore the property to the person from whose possession it was taken, and the levy shall stand discharged. (c) (1) The claimant or purchaser of any property, for the seizure or sale of which an indemnifying bond has been taken and returned by the officer, shall be barred of any action against the officer levying upon the property if the surety was good when it was taken. (2) The claimant or purchaser may maintain an action upon the bond and recover such damages as he or she may be entitled to. (d) When property for the sale of which the officer is indemnified sells for more than enough to satisfy the execution under which it was taken, the surplus shall be paid into the court to which the indemnifying bond is directed to be returned. That court may order such disposition or payment of the money to be made temporarily or absolutely as may be proper in respect to the rights of the parties interested. (e) No officer shall require any agent of the State of Arkansas, or any political subdivision thereof, to post an indemnifying bond prior to an execution on personal property.

Arkansas § 16-66-405 (Indemnifying bonds) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.