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Form a Business

Rights in Personal Property

Ark. Code Ann. tit. 18, ch. 27
in effect

Ark. Code Ann. § 18-27-101 Joint tenancy in stock certificate.

(a) In any instance in which any corporation or cooperative association organized under the laws of the State of Arkansas may issue any stock certificate or other form of certificate of any character evidencing ownership or equity in the corporation or cooperative association in two (2) or more persons and shall use the word “or” between the names of the persons to whom it is issued so as to cause the same to read in the alternative, the persons to whom the certificate is issued in this form shall hold and own the same as joint tenants and not as tenants in common. Full and complete ownership of the certificate so issued shall pass and belong to the last survivor of the persons so named. (b) Any one (1) of the persons to whom any certificate may be issued in manner and form as provided in subsection (a) of this section may endorse, assign, or transfer the certificate as fully and as effectively as could all persons therein named joining together. The endorsement, assignment, or transfer so made shall be fully binding on all persons named therein.

Ark. Code Ann. § 18-27-102 Safe-deposit boxes.

(a) Any state, national or private bank, savings and loan association, hotel, or other private safe-deposit company, in this subchapter referred to as a bank, financial institution, or company, may maintain safe-deposit boxes and rent the safe-deposit boxes. (b)(1) If a safe-deposit box is held in the name of two (2) or more persons jointly, any one (1) of such persons shall be entitled to access to the box and shall be permitted to remove the contents thereof, and the bank, financial institution, or company shall not be responsible for any damage arising by reason of the access or removal by one (1) of the persons. (2) The death of one (1) holder of a jointly held safe-deposit box does not affect the right of any other holder of the box to have access to and remove contents from the box. (c)(1) If the box rental is delinquent for six (6) months, the bank, financial institution, or company, after at least thirty (30) days' notice by certified return receipt mail addressed to the lessee at his or her last known address on the books of the bank, financial institution, or company, if the rent is not paid within the time specified in the notice, may open the box in the presence of two (2) employees, at least one (1) of whom is an officer or manager of the bank, financial institution, or company, and a notary public. (2) The bank, financial institution, or company must inventory the contents of the box in detail and place the contents of the box in a sealed envelope or container bearing the name of the lessee. (3)(A) The bank, financial institution, or company shall then hold the contents of the box subject to a lien for its rental, the cost of opening the box, and the damages in connection therewith. (B) If such rental, cost, and damages are not paid within two (2) years from the date of opening of such box, the bank, financial institution, or company may sell any part or all of the contents at public auction in like manner and upon like notice as is prescribed for the sale of real property under mortgage or deed of trust. (C) Any unauctioned contents of boxes and any excess proceeds from such sale shall be remitted to the Auditor of State under the procedures prescribed by § 18-28-201 et seq.

Ark. Code Ann. § 18-27-103 Abandonment of personal property.

(a) Upon the purchase of land at a judicial sale, nonjudicial foreclosure sale, under the Arkansas Statutory Foreclosure Act, § 18-50-101 et seq., or otherwise, or a tax sale, all personal property remaining on the land or in any structure on the land shall be considered to have been abandoned if: (1) The owner of the personal property has received notice of the sale of the land and has neither removed the personal property nor notified the purchaser in writing of the owner's claim to the personal property within thirty (30) days of recording the deed commemorating the sale; or (2)(A) After the sale, the purchaser may mail to the last known mailing address of all previous occupants and post notice of the sale of the land and the owner of the personal property has not: (i) Removed the personal property; or (ii) Notified the purchaser in writing of the owner's claim to the personal property within thirty (30) days of the posting of the notice. (B) The notice shall be dated, mailed by certified mail, posted conspicuously on the land, and contain a statement that informs the owner of the personal property that all personal property not removed or claimed within the thirty (30) days of the posting date period shall be considered abandoned. (b)(1) If the owner of the personal property does not remove the personal property within thirty (30) days, but merely gives the purchaser written notice of the owner's claim, the purchaser may remove and store the personal property at the owner's expense. (2)(A) The personal property shall be stored for no more than thirty (30) days at the owner's expense. (B) If the owner of the personal property does not take possession of the personal property and pay the reasonable expense of storage within the thirty (30) days, the personal property shall be considered abandoned. (c) A purchaser of land that disposes of personal property that is considered abandoned under this section is not subject to liability or suit. (d) The following property is not personal property that may be considered abandoned under this section: (1) A manufactured home or mobile home on which a creditor or other party holds a mortgage, lien, security interest, or other encumbrance; and (2) Abandoned personal property on which a creditor or other party holds a mortgage, lien, security interest, or other encumbrance.

Ark. Code Ann. § 18-27-204 Limitations on the purchase and disposition of personal property — Definition.

(a) As used in this section, “pawnbroker” means any person, firm, or corporation, or an agent of any person, firm, or corporation, who is engaged in the business of lending money upon the security of articles of personal property or purchasing personal property. (b) No pawnbroker shall purchase or receive personal property as security from any person under eighteen (18) years of age who has not been emancipated under § 9-26-104. (c) A pawnbroker shall not dispose of personal property purchased or received as security until at least fifteen (15) calendar days after the personal property is purchased or pawned or at least seven (7) calendar days after the purchase or pawn is reported to the local police, whichever comes first, unless the personal property is: (1) Redeemed by the person who sold or pawned it; or (2) Returned to the rightful owner of the personal property. (d) The provisions of this section shall not be applicable to personal property purchased by the pawnbroker from a retailer or a wholesaler. (e)(1) The failure on the part of a pawnbroker to comply with a provision of this section shall be a violation. (2) Upon conviction, the offender shall be punished by a fine of not more than one thousand dollars ($1,000).

Ark. Code Ann. § 18-27-301 Title.

This subchapter shall be known and may be cited as the “Dealer in Secondhand Goods Reform and Disclosure Act”.

Ark. Code Ann. § 18-27-302 Definitions.

As used in this subchapter: (1) “Dealer” means an individual or entity that is engaged in the business of: (A) Lending money upon the security of an article of personal property that is retained by the individual or entity until: (i) The loan is repaid; or (ii) The time to repay the loan has expired; or (B) Purchasing other than at wholesale or retail an article of personal property for resale in any form; (2) “Defacing identifiable stolen personal property” means performing or acquiescing in an act designed to remove, destroy, mutilate, disguise, or otherwise purposefully and willfully prevent detection of identifiable stolen personal property; (3) “Identifiable stolen personal property” means personal property that is: (A) Reported stolen to an appropriate law enforcement agency; (B) Described in the official stolen property report of the law enforcement agency by serial number, vehicle identification number, license registration number, or other numbers, letters, symbols, or markings that authenticate the specific personal property in the possession of the dealer; and (C) Connected by documentation, such as a receipt, presented to the dealer by the owner demonstrating the likelihood of current ownership; and (4) “Insider” means a family member or friend of the owner of stolen property.

Ark. Code Ann. § 18-27-303 Recovery of personal property and identifiable stolen personal property — Liability.

(a) An owner of stolen personal property may request that a dealer return the stolen property without charge to the owner by signing and following the terms of the affidavit in favor of the dealer as described in § 18-27-304(b). (b) Unless reasonable cause exists, within seven (7) days after the later of the receipt of an affidavit described in § 18-27-304(b) and the written release, either conditional or outright, of any property hold issued by any law enforcement agency with respect to the identifiable stolen property, a dealer shall: (1) Deliver the identifiable stolen property to the owner; or (2) File a legal action in a court of competent jurisdiction to determine ownership. (c) If the dealer refuses to make an election under subsection (b) of this section, the owner may file a replevin action to recover the property and the court may award and apportion costs and attorney's fees as appropriate under the facts of the case.

Ark. Code Ann. § 18-27-304 Notice concerning recovery of personal property and identifiable stolen personal property.

(a) Once an owner requests the return of stolen property, a dealer shall deliver a written notice as to the owner's rights. (b) The written notice required by subsection (a) of this section shall be written in bold letters that are each at least 12-point type and read as follows: (A) REPORTED STOLEN TO AN APPROPRIATE LAW ENFORCEMENT AGENCY; (B) DESCRIBED IN THE OFFICIAL STOLEN PROPERTY REPORT OF THE LAW ENFORCEMENT AGENCY BY SERIAL NUMBER, VEHICLE IDENTIFICATION NUMBER, LICENSE REGISTRATION NUMBER, OR OTHER NUMBERS, LETTERS, SYMBOLS, OR MARKINGS THAT AUTHENTICATE THE SPECIFIC PERSONAL PROPERTY IN THE POSSESSION OF DEALER; AND (C) CONNECTED BY DOCUMENTATION (SUCH AS A RECEIPT) PRESENTED TO THE DEALER BY THE OWNER DEMONSTRATING THE LIKELIHOOD OF CURRENT OWNERSHIP. (1) I, , AM THE SOLE, TRUE AND ABSOLUTE OWNER OF PERSONAL PROPERTY (“PROPERTY”), FREE OF ANY LIENS AND ENCUMBRANCES DESCRIBED AS: (2) I HAVE REPORTED THE PROPERTY STOLEN TO THE APPROPRIATE LAW ENFORCEMENT AGENCY AND HAVE PRESENTED THE DEALER WITH THE FOLLOWING DOCUMENTATION WITH REGARD TO MY OWNERSHIP OF THE PROPERTY AND SUCH DOCUMENTATION IS ATTACHED HERETO: (a) OFFICIAL STOLEN PROPERTY REPORT OF A LAW ENFORCEMENT AGENCY SHOWING SERIAL NUMBER, VEHICLE IDENTIFICATION NUMBER, LICENSE REGISTRATION NUMBER, OR OTHER NUMBERS, LETTERS, SYMBOLS, OR MARKINGS THAT AUTHENTICATE THE SPECIFIC PERSONAL PROPERTY IN THE POSSESSION OF DEALER. SAID REPORT IS ISSUED BY: (b) DOCUMENTATION DEMONSTRATING THE LIKELIHOOD OF MY CURRENT OWNERSHIP OF THE PROPERTY, SPECIFICALLY DESCRIBED AS: (3) I WILL COOPERATE WITH LAW ENFORCEMENT AND THE PROSECUTOR IN ALL RESPECTS REGARDING THE THEFT OF PROPERTY. (4) I UNDERSTAND THE DEALER CANNOT RELEASE PROPERTY THAT IS SUBJECT TO A LAW ENFORCEMENT PROPERTY HOLD AND ANY SUCH HOLD MUST BE REMOVED BEFORE THE PROPERTY CAN BE DELIVERED TO ME. (5) I UNDERSTAND THE DEALER HAS SEVEN (7) DAYS TO EITHER RELEASE THE PROPERTY TO ME OR FILE A LEGAL ACTION TO DETERMINE OWNERSHIP. (6) THE PERSON THAT CAUSED THE ITEM TO BE IN THE POSSESSION OF THE DEALER IS NOT A FAMILY MEMBER OR FRIEND OF MINE. (7) I UNDERSTAND THAT I MAY BE SUBJECT TO CIVIL OR CRIMINAL PENALTIES IF THE REPRESENTATIONS I AM MAKING HEREIN ARE UNTRUE. (8) I WILL INDEMNIFY AND HOLD THE DEALER HARMLESS FOR ANY AND ALL LOSS OCCASIONED BY THE REPRESENTATIONS MADE IN THIS AFFIDAVIT WITH REGARD TO THE PROPERTY. “NOTICE CONCERNING STOLEN PROPERTY PLEASE TAKE NOTICE THAT THE RIGHTFUL OWNER MAY ASK A DEALER IN SECONDHAND GOODS (“DEALER”) TO RETURN STOLEN PROPERTY BY SHOWING PROOF OF OWNERSHIP OF THE PROPERTY AND SIGNING AN AFFIDAVIT AS TO OWNERSHIP, INDEMNIFYING AND HOLDING THE DEALER HARMLESS FROM LOSS (“AFFIDAVIT”). THE AFFIDAVIT MUST RELATE TO IDENTIFIABLE STOLEN PERSONAL PROPERTY AND BE IN THE FORM BELOW OR ATTACHED TO THIS NOTICE. AFTER DELIVERY OF THE AFFIDAVIT TO THE DEALER AND THE RELEASE OF ANY PROPERTY HOLD PLACED ON THE PROPERTY BY A LAW ENFORCEMENT AGENCY, THE DEALER HAS SEVEN (7) DAYS TO EITHER RELINQUISH THE IDENTIFIABLE STOLEN PERSONAL PROPERTY OR FILE A LEGAL ACTION IN COURT TO DETERMINE OWNERSHIP. IF THE DEALER REFUSES TO DELIVER THE PROPERTY OR FILE AN ACTION IN COURT TO DETERMINE OWNERSHIP WITHIN SEVEN (7) DAYS THEREAFTER, THE OWNER MAY ATTEMPT TO RECOVER THE ITEMS OF STOLEN PERSONAL PROPERTY WITHOUT PAYMENT TO THE DEALER BY FILING A LEGAL ACTION IN COURT. IF THE COURT DETERMINES THAT THE DEALER REFUSED TO EITHER DELIVER THE PERSONAL PROPERTY OR FILE AN ACTION IN COURT TO DETERMINE OWNERSHIP WITHIN SEVEN (7) DAYS, WITHOUT REASONABLE CAUSE, THE DEALER COULD BE ORDERED TO RETURN THE IDENTIFIABLE STOLEN PERSONAL PROPERTY TO THE OWNER WITHOUT CHARGE TO THE OWNER. HOWEVER, IF THE COURT DETERMINES THAT THE PROPERTY WAS ACQUIRED BY THE DEALER FROM A FAMILY MEMBER OR FRIEND, THE OWNER IS ENTITLED TO RECOVER THE PROPERTY ONLY UPON REIMBURSING THE COST TO THE DEALER OF ACQUIRING THE PROPERTY. IF LEGAL ACTION IS FILED TO RECOVER PROPERTY IN THE POSSESSION OF THE DEALER, THE COURT MAY AWARD AND APPORTION COSTS AND ATTORNEY'S FEES AS APPROPRIATE. “IDENTIFIABLE STOLEN PERSONAL PROPERTY” MEANS PERSONAL PROPERTY THAT IS: TO PROCEED, PLEASE COMPLETE THE FOLLOWING AFFIDAVIT AND DELIVER TO THE DEALER. AFFIDAVIT AS TO OWNERSHIP, INDEMNITY AND HOLD HARMLESS AGREEMENT STATE OF ARKANSAS COUNTY OF BEFORE THE UNDERSIGNED, , DULY QUALIFIED AND ACTING IN AND FOR THIS COUNTY AND STATE, APPEARED [TO ME WELL KNOWN] [SATISFACTORILY PROVEN] TO BE THE AFFIANT HEREIN, WHO STATED THE FOLLOWING UNDER OATH: AND CURRENTLY IN THE POSSESION OF: (“DEALER”) AND HAS A REPORT NUMBER OF FURTHER THE AFFIANT SAYETH NOT. IN WITNESS WHEREOF, I HEREUNTO SET MY HAND THIS DAY OF OWNER SUBSCRIBED AND SWORN TO BEFORE ME THIS DAY OF [OFFICIAL TITLE] Click to view form. MY COMMISSION EXPIRES: [SEAL]”

Ark. Code Ann. § 18-27-305 Limitations on the purchase, maintenance, and disposition of personal property — Defacing identifiable stolen personal property.

A dealer shall not: (1) Purchase or receive personal property as security from a person under eighteen (18) years of age who has not been emancipated under § 9-26-104; or (2) Deface identifiable stolen personal property.
Source: Public.Resource.Org / UniCourt, Official Code of Arkansas Annotated, Release 78 (2020) (unicourt.github.io/cic-code-ar)URL: https://unicourt.github.io/cic-code-ar/transforms/ar/ocar/r78/gov.ar.code.title.18.htmlFetched: 11/8/2026

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