This bill amends the law regarding the remedies available to the Secretary of the Department of Finance and Administration, specifically concerning the lien created by the entry of a certificate of indebtedness. The key change is that the lien established by this certificate is no longer considered superior to a purchase money mortgage. This adjustment clarifies the hierarchy of liens, ensuring that purchase money mortgages take precedence over the lien created by the certificate of indebtedness.

The bill modifies Arkansas Code 26-18-701(a)(3)(B) to include the insertion that the lien is "not superior to a purchase money mortgage," while maintaining its status as superior to other types of liens and all claims of unsecured creditors. This legislative change aims to provide clearer guidelines on the priority of liens, particularly in situations involving purchase money mortgages.

Statutes affected:
HB 1273: 26-18-701(a)
Act 29: 26-18-701(a)