Arkansas § 28-77-406 Receipt on obligation to be paid in money

Arkansas Statutes

§ 28-77-406 — Receipt on obligation to be paid in money

Arkansas § 28-77-406

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This text of Arkansas § 28-77-406 (Receipt on obligation to be paid in money) is published on Counsel Stack Legal Research, covering Arkansas primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ark. Code Ann. § 28-77-406 (2026).

Text

(a)This section does not apply to an obligation to which § 28-77-409 , § 28-77-410 , § 28-77-411 , § 28-77-412 , § 28-77-414 , § 28-77-415 , or § 28-77-416 applies.

(b)A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal.

(c)A fiduciary shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the fiduciary. A fiduciary shall allocate to income the increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the a

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(a) This section does not apply to an obligation to which § 28-77-409 , § 28-77-410 , § 28-77-411 , § 28-77-412 , § 28-77-414 , § 28-77-415 , or § 28-77-416 applies. (b) A fiduciary shall allocate to income, without provision for amortization of premium, an amount received as interest on an obligation to pay money to the fiduciary, including an amount received as consideration for prepaying principal. (c) A fiduciary shall allocate to principal an amount received from the sale, redemption, or other disposition of an obligation to pay money to the fiduciary. A fiduciary shall allocate to income the increment in value of a bond or other obligation for the payment of money bearing no stated interest but payable or redeemable, at maturity or another future time, in an amount that exceeds the amount in consideration of which it was issued.