(a) The lienholder shall file with the circuit clerk in the county in which the lienholder is situated a notice under § 18-45-204 to be posted.(b)(1) The lienholder shall:(A) Determine the fair market value of the property to be sold; and(B) File a bond with the circuit clerk in the amount determined under subdivision (b)(1)(A) of this section.(2) The bond shall be executed by one (1) or more sufficient sureties of the lienholder so that if the circuit court finds that the lienholder wrongfully enforced the lien provided by this subchapter, the surety shall pay to the debtor: (A) Damages of up to the amount of the bond;(B) Court costs; and(C) Any sums of money adjudged against the lienholder in an amount that does not exceed two (2) times the value of the property.Amended by Act 2023, No. 388,§ 3, eff. 8/1/2023.Amended by Act 2017, No. 757,§ 7, eff. 8/1/2017.Amended by Act 2017, No. 299,§ 3, eff. 8/1/2017.Acts 1919, No. 140, § 5, p. 123; C. & M. Dig., § 6870; Pope's Dig., § 8826; A.S.A. 1947, § 51-408.
Arkansas Legal Code