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2009 vol. I bk. 3 2156 (2009)

handle is hein.ssl/ssar0080 and id is 1 raw text is: ACTS OF ARKANSAS ACT 485 AN ACT CONCERNING THE USE OF INSUR- ANCE PROCEEDS IN CONTRAVENTION OF A SECURITY AGREEMENT; AND FOR OTH- ER PURPOSES. Subtitle CONCERNING THE USE OF INSURANCE PRO- CEEDS IN CONTRAVENTION OF A SECU- RITY AGREEMENT. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. Arkansas Code § 5-37-203 is amended to read as follows: 5-37-203. Defrauding a secured creditor. (a)(1) A person commits the offense of defrauding a secured creditor in the first degree if he or she destroys, removes, cancels, encumbers, transfers, or otherwise disposes of property subject to a security interest with the purpose to hinder enforcement of the security interest. O)(2) Defrauding a secured creditor in the first degree is a Class D felony. (b) (1) A person commits the offense of defrauding a secured creditor in the second degree if he or she uses motor vehicle insurance policy proceeds in excess of one thousand dollars ($1,000) obtained from a settle- ment of a property damage claim on a motor vehicle subject to a security interest in contravention of the security agreement that creates or provides for the security interest in the motor vehicle. (2) Defrauding a secured creditor in the second degree is a Class A misdemeanor. Additions are indicated by underline; deletions by strikenoi 2156 Act 485

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