Arkansas Code
Subchapter 3 - Powers and Duties
§ 28-65-314. Sales, mortgages, etc., of property generally

(a)
(1) The real or personal property of the ward not excluding real property in which a minor or mentally incompetent ward has a vested homestead interest, or any part thereof or interest therein, may be sold, conveyed, released, mortgaged, leased, or exchanged or an easement thereon may be granted by the guardian of the estate upon such terms as the court may order for the purpose of paying the ward's debts, for providing for his or her care, maintenance, and education and the care, maintenance, and education of his or her dependents, or for investing the proceeds, or in any other case in which it is for the best interest of the ward.
(2) Participation by a guardian in behalf of his or her ward in the execution and delivery of one (1) or more deeds, bills of sale, assignments, or other appropriate instruments to accomplish the partition in kind between the owners thereof, of real or personal property in which the ward owns an undivided interest, for the purposes of this section shall be deemed an exchange of property of the ward.

(b)
(1) A guardian shall not purchase property of the ward unless sold at public sale and approved by the court, and then only if the guardian is a spouse, parent, child, brother, or sister of the ward and is a cotenant with the ward in the property.
(2)
(A) This requirement shall not be applicable when a special guardian is appointed to represent the interest of the ward and the special guardian reports to the court after the property has been appraised that the proposed purchase at a private sale is in the best interest of the ward.
(B) The report of the special guardian shall also be subject to the approval of the court after notice to all interested parties is given and a hearing is held by the court.


(c) Prior to or at the time of the approval of the sale of real or personal property made by a guardian, the court shall ascertain whether the guardian's bond is sufficient in amount and security to protect the estate of the ward with respect to the proceeds of the sale. If not, the court shall require that the guardian's bond be increased or supplemented in amount or security to adequately protect the ward's estate.
(d) The provisions of §§ 28-51-105 — 28-51-109, 28-51-201 — 28-51-203, and 28-51-301 — 28-51-309, relative to decedents' estates, shall apply to sales, mortgages, leases, and exchanges of property of the ward of a guardian, except that the extent of the term of a lease of real property of a ward shall not be limited to three (3) years, nor shall the credit to be extended by the guardian be limited to one (1) year.

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