Arkansas § 14-117-418 - Default in bond payment.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-117-418 — Default in bond payment., with citation guidance and answers to common questions.
§ 14-117-418. Default in bond payment.
If any bond, or interest coupon on any bond, issued by the board is not paid within thirty (30) days after its maturity, it shall be the duty of the circuit or chancery court of the proper county, on the application of any holder of a bond or interest coupon so overdue, to order the collection of the taxes as provided in § 14-117-417. At its discretion, the court may appoint a receiver therefor. The proceeds of the taxes and collections shall be applied, after payment of costs, first to overdue interest, and then to payment pro rata of all bonds issued by the board which are then due and payable. The board or receiver may be directed by suit to foreclose the lien of the taxes on the lands. Suits so brought by a receiver shall be conducted in all matters as suits by the board, as provided in §§ 14-117-423 — 14-117-426, and with like effect. The decrees and deeds herein shall have the same presumptions in their favor. However, when all such sums have been paid, the receiver shall be discharged, and the affairs of the district shall be conducted by the board as provided in this subchapter.
Frequently Asked Questions About Arkansas § 14-117-418
What does Arkansas Code of 1987 Annotated § 14-117-418 cover?
Section 14-117-418 ("Default in bond payment.") is part of the Arkansas Code of 1987 Annotated, the codified statutory law of Arkansas. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Arkansas § 14-117-418?
A common citation format is "Arkansas Code of 1987 Annotated § 14-117-418" (Arkansas). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Arkansas law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Arkansas official source linked on this page or consult a licensed Arkansas attorney.
How does Arkansas § 14-117-418 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Arkansas can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Arkansas.