§ 5-37-203 — Defrauding a secured creditor

Arkansas § 5-37-203

• Jurisdiction: Arkansas
• Title: 5

Text

(a) (1) A person commits the offense of defrauding a secured creditor in the first degree if he or she destroys, removes, cancels, encumbers, transfers, or otherwise disposes of property subject to a security interest with the purpose to hinder enforcement of the security interest. (2) Defrauding a secured creditor in the first degree is a Class D felony. (b) (1) A person commits the offense of defrauding a secured creditor in the second degree if he or she uses motor vehicle insurance policy proceeds in excess of one thousand dollars ($1,000) obtained from a settlement of a property damage claim on a motor vehicle subject to a security interest in contravention of the security agreement that creates or provides for the security interest in the motor vehicle. (2) Defrauding a secured creditor in the second degree is a Class A misdemeanor.

Legislative History

Acts 1975, No. 280, § 2304; A.S.A. 1947, § 41-2304; Acts 2009, No. 485, § 1.