§ 28-51-301 — Sale, mortgage, or lease

Arkansas § 28-51-301

• Jurisdiction: Arkansas
• Title: 28

Text

(a) (1) Upon petition of a personal representative, the court having jurisdiction of the administration of the estate may order the sale, mortgage, or lease of real property of the estate, or timber thereon located, or oil, gas, or other minerals or mineral rights or interests appertaining thereto, or any part of or interest in the property, wherever situated in this state. (2) The court may authorize the execution of any contract relating to, or conveyance or transfer of, any such property, right, or interest, containing such customary or desirable provisions with reference thereto, as the court shall find to be for the best interest of the estate. (b) The petition shall set forth the reasons for the application and describe the property or right or interest involved and the terms of the contract, conveyance, or transfer for which authority is sought and shall include a description of the bond of the personal representative and a statement of the facts essential to determine its sufficiency. (c) Upon the filing of the petition, the court shall fix the time and place for the hearing. Notice of the hearing stating the nature of the application shall be given to such interested persons as the court may direct in the manner provided in § 28-1-112 , unless the value of the interest to be sold, mortgaged, or leased is not more than ten thousand dollars ($10,000), in which case the court, at its discretion, may hear the petition without notice. (d) At the hearing and upon satisfactory proof, the court may order the sale, mortgage, or lease of the property described or any part thereof or right or interest therein. (e) At the discretion of the court, real property encumbered by a lien may be ordered sold subject to the lien.

Legislative History

Acts 1949, No. 140, § 137; 1951, No. 255, § 11; 1967, No. 287, § 13; A.S.A. 1947, § 62-2714; Acts 2003, No. 177, § 3.