Arkansas § 15-4-521 - Sale of obligations.
Full text of Arkansas Arkansas Code of 1987 Annotated § 15-4-521 — Sale of obligations., with citation guidance and answers to common questions.
§ 15-4-521. Sale of obligations.
Obligations of the corporation may be sold at public or private sale as the corporation shall determine. No first lien obligations may be sold for less than par on the basis of interest thereon at the rate of ten percent (10%) per annum. However, any obligation of the corporation may be sold with the privilege of conversion into obligations bearing a lower rate or rates of interest on such terms that the corporation shall receive no less and pay no more than substantially the same that it would have received and paid had no conversion been effected. Any conversion of obligations must be approved by the trustee provided in the deed of trust given to secure the payment of the obligations. No brokerage, agent's fees, or commissions of any kind for securing a purchaser of the bonds shall be allowed. Obligations may be sold and delivered at one (1) time or in parcels as funds are needed. The proceeds derived from the sale of obligations of the corporation shall be used exclusively for the purpose for which issued.
Source: official Arkansas text · Last verified 2026-08-27
Frequently Asked Questions About Arkansas § 15-4-521
What does Arkansas Code of 1987 Annotated § 15-4-521 cover?
Section 15-4-521 ("Sale of obligations.") 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 § 15-4-521?
A common citation format is "Arkansas Code of 1987 Annotated § 15-4-521" (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 § 15-4-521 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.