Arkansas § 14-89-302 - Default in payment.
Full text of Arkansas Arkansas Code of 1987 Annotated § 14-89-302 — Default in payment., with citation guidance and answers to common questions.
§ 14-89-302. Default in payment.
If any bond or interest coupon on any bond issued by any municipal improvement district is not paid within sixty (60) days after its maturity, it shall be the duty of the chancery court, on application of the trustee for the bondholders or of the holder of any such bond or coupons overdue to cause the collection of the taxes of the district and appoint an assessor to reassess the benefits, if necessary. The proceeds of the taxes and collections shall be applied after payment of cost, first to overdue interest and then to payment pro rata of all bonds issued by the board, which are then due and payable. The commissioners may be directed by suit to foreclose the lien of the taxes on the land. A suit so brought by the commissioners shall be conducted in all matters as suits by the board and with like effect, and the decrees and deeds therein shall have the same presumptions in their favor.
Frequently Asked Questions About Arkansas § 14-89-302
What does Arkansas Code of 1987 Annotated § 14-89-302 cover?
Section 14-89-302 ("Default in 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 § 14-89-302?
A common citation format is "Arkansas Code of 1987 Annotated § 14-89-302" (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 § 14-89-302 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.