(a) In all sales of real or personal property, the court may authorize credit to be extended by the personal representative for a period not exceeding ten (10) years from the date of the sale and for an amount not exceeding ninety percent (90%) of the purchase price, the payment of which shall be secured by retention of title or reservation of a vendor's lien and in addition may be secured by notes or bonds with sureties approved by the personal representative, subject to the control of the court.(b) If credit is authorized, the order shall specify the time of payment, the minimum rate of interest on deferred payments, and the manner in which the payments shall be secured.(c) However, the extension of credit shall not extend or prohibit the closing of the estate if all other pertinent matters before the estate have been resolved to the court's satisfaction.Acts 1949, No. 140, § 130; 1983, No. 658, § 1; A.S.A. 1947, § 62-2707.
Arkansas Legal Code