Arkansas Code Annotated
Ark. Code Ann. § 4-9-504 (2026)
Indication of collateral
✓ current as of May 2026
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
- a description of the collateral pursuant to § 4-9-108; or
- an indication that the financing statement covers all assets or all personal property.
History. Acts 2001, No. 1439, § 1.
Case Notes
Notice.
Lender's lien on Arkansas crops was properly perfected by a financing statement because it reasonably identified the Arkansas crops as collateral under § 4-9-108 where it indicated that the collateral consisted of crops produced by two entities, and it suggested that the crops were located in Arkansas; this, along with the name of the secured lender, would have provided a third party with sufficient inquiry notice to locate the Arkansas crops. There was no evidence that an unsuccessful inquiry was made by a farmer prior to providing funding, and there was no unjust enrichment that allowed the farmer's equitable lien to prime the lender's lien because the lender did not participate or encourage the farmer's efforts in providing his own resources in planting and growing the crops. Newsom v. Rabo Agrifinance, Inc., 2013 Ark. App. 259, 427 S.W.3d 688 (2013).
Purpose.
The intent of this section is to permit a lessor, for example, to file a financing statement as a precautionary measure, even while contending that the lease is a true lease for which no financing statement is actually required. Bell v. Itek Leasing Corp., 262 Ark. 22, 555 S.W.2d 1 (1977) (decision under prior law).
Notes of Decisions
Cited in 25
cases, 1988–2013 · leading case: Walker v. Grant Cnty. Sav. & Loan Ass'n, 803 S.W.2d 913 (Ark. 1991).
Walker v. Grant Cnty. Sav. & Loan Ass'n, 803 S.W.2d 913 (Ark. 1991). “Ark. Code Ann. § 4-9-504 (3) (1987). No such statement was signed by the Walkers in this case about either the public auction or the later private sales.”
Bill Fitts Auto Sales, Inc. v. Daniels, 922 S.W.2d 718 (Ark. 1996). “Fitts contends that the trial court erred in (1) interpreting Ark. Code Ann. § 4-9-504 to require payment of a surplus to Daniels; (2) not allowing credit for expenses incurred by Fitts in a subsequent repossession of the car from the person to whom it had been resold; (3) not…”
Jones v. Union Motor Co., Inc., 779 S.W.2d 537 (Ark. Ct. App. 1989). “Section 4-9-504(3) (1987) requires that the secured party which ultimately disposes of the repossessed collateral is required to send the required notice.”
Nat'l Bank of Com. of El Dorado v. McMullan (In Re McMullan), 196 B.R. 818 (Bankr. W.D. Ark. 1996). “Fourth, Nila McMullan argues that she has been discharged from personal liability because NBC made a disposition of certain collateral consisting of personal property without notice to her as required by Ark. Code Ann. § 4-9-504 (Miehie 1991). Fifth, Nila McMullan argues that…”
Bank of Bearden v. Simpson, 808 S.W.2d 341 (Ark. 1991). “Although the Court’s holding on this issue was apparently based on Ark. Code Ann. § 4-9-504 (1)(b) (1987), the statute was not mentioned in the Court’s order.”
Bank of Dover v. Shipley, 773 S.W.2d 825 (Ark. 1989). “See Ark.Code Ann. § 4-9-504 (1987). One of these requirements is notice of the sale to the debtor.”
Pollack v. Pulaski Bank & Trust Co., 781 S.W.2d 497 (Ark. Ct. App. 1989). “All aspects of the sale of the collateral were commercially reasonable as required by Arkansas Code Annotated section 4-9-504. The provision contained within the security agreement requiring the mailing of written notice five days before the sale did not apply due to the…”
Cheshire v. Walt Bennett Ford, Inc., 788 S.W.2d 490 (Ark. Ct. App. 1990). “The disposition of collateral by the creditor after repossession is governed by Ark. Code Ann. § 4-9-504 (3) (1987): (3) Disposition of the collateral may be by public or private proceedings and may be made by way of one or more contracts.”
McDonald Mobile Homes, Inc. v. BankAmerica Hous. Servs., 218 S.W.3d 376 (Ark. Ct. App. 2005). “The secured party may buy at any public sale and if the collateral is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations, he may buy at private sale.”
Mercantile Bank v. B & H Associated, Inc., 954 S.W.2d 226 (Ark. 1997). “In this respect, a secured party after default may sell, lease, or otherwise dispose of any or all of the collateral in its then condition or following any commercially reasonable preparation or processing, Ark. Code Ann. § 4-9-504 (1) (Repl. 1991), and the disposition of the…”
Damron v. Univ. Estates, Phase II, Inc., 750 S.W.2d 402 (Ark. 1988). “" A very recent statute, Ark.Code Ann. § 16-22-308 (Supp. 1987) (effective April 6, 1987), which will no doubt have a considerable impact on this area of the law provides: In any civil action to recover on an open account, statement of account, account stated, promissory note,…”
Beard v. Ford Motor Credit Co., 850 S.W.2d 23 (Ark. Ct. App. 1993). “Appellant also argues that the sale of her car was not commercially reasonable, as required by Ark. Code Ann. § 4-9-504 (3) (Repl. 1991).”
— Ark. Code Ann. § 4-9-504(1) — 3 cases
Bill Fitts Auto Sales, Inc. v. Daniels, 922 S.W.2d 718 (Ark. 1996). “Fitts contends that the trial court erred in (1) interpreting Ark. Code Ann. § 4-9-504 to require payment of a surplus to Daniels; (2) not allowing credit for expenses incurred by Fitts in a subsequent repossession of the car from the person to whom it had been resold; (3) not…”
Nat'l Bank of Com. of El Dorado v. McMullan (In Re McMullan), 196 B.R. 818 (Bankr. W.D. Ark. 1996). “Fourth, Nila McMullan argues that she has been discharged from personal liability because NBC made a disposition of certain collateral consisting of personal property without notice to her as required by Ark. Code Ann. § 4-9-504 (Miehie 1991). Fifth, Nila McMullan argues that…”
Gen. Elec. Credit Auto Lease, Inc. v. Paty, 776 S.W.2d 829 (Ark. Ct. App. 1989).
— Ark. Code Ann. § 4-9-504(1)(a) — 1 case
Damron v. Univ. Estates, Phase II, Inc., 750 S.W.2d 402 (Ark. 1988). “" A very recent statute, Ark.Code Ann. § 16-22-308 (Supp. 1987) (effective April 6, 1987), which will no doubt have a considerable impact on this area of the law provides: In any civil action to recover on an open account, statement of account, account stated, promissory note,…”
— Ark. Code Ann. § 4-9-504(1)(b) — 1 case
Bank of Bearden v. Simpson, 808 S.W.2d 341 (Ark. 1991). “Although the Court’s holding on this issue was apparently based on Ark. Code Ann. § 4-9-504 (1)(b) (1987), the statute was not mentioned in the Court’s order.”
— Ark. Code Ann. § 4-9-504(2) — 3 cases
Bill Fitts Auto Sales, Inc. v. Daniels, 922 S.W.2d 718 (Ark. 1996). “Fitts contends that the trial court erred in (1) interpreting Ark. Code Ann. § 4-9-504 to require payment of a surplus to Daniels; (2) not allowing credit for expenses incurred by Fitts in a subsequent repossession of the car from the person to whom it had been resold; (3) not…”
Newsom v. Rabo Agrifinance, Inc., 427 S.W.3d 688 (Ark. Ct. App. 2013).
McDonald Mobile Homes, Inc. v. BankAmerica Hous. Servs., 218 S.W.3d 376 (Ark. Ct. App. 2005). “The secured party may buy at any public sale and if the collateral is of a type customarily sold in a recognized market or is of a type which is the subject of widely distributed standard price quotations, he may buy at private sale.”
— Ark. Code Ann. § 4-9-504(3) — 18 cases
Walker v. Grant Cnty. Sav. & Loan Ass'n, 803 S.W.2d 913 (Ark. 1991). “Ark. Code Ann. § 4-9-504 (3) (1987). No such statement was signed by the Walkers in this case about either the public auction or the later private sales.”
Jones v. Union Motor Co., Inc., 779 S.W.2d 537 (Ark. Ct. App. 1989). “Section 4-9-504(3) (1987) requires that the secured party which ultimately disposes of the repossessed collateral is required to send the required notice.”
Pollack v. Pulaski Bank & Trust Co., 781 S.W.2d 497 (Ark. Ct. App. 1989). “All aspects of the sale of the collateral were commercially reasonable as required by Arkansas Code Annotated section 4-9-504. The provision contained within the security agreement requiring the mailing of written notice five days before the sale did not apply due to the…”
Bank of Bearden v. Simpson, 808 S.W.2d 341 (Ark. 1991). “Although the Court’s holding on this issue was apparently based on Ark. Code Ann. § 4-9-504 (1)(b) (1987), the statute was not mentioned in the Court’s order.”
Bill Fitts Auto Sales, Inc. v. Daniels, 922 S.W.2d 718 (Ark. 1996). “Fitts contends that the trial court erred in (1) interpreting Ark. Code Ann. § 4-9-504 to require payment of a surplus to Daniels; (2) not allowing credit for expenses incurred by Fitts in a subsequent repossession of the car from the person to whom it had been resold; (3) not…”
— Ark. Code Ann. § 4-9-504(l)(c) — 1 case
Stotts v. Johnson, 791 S.W.2d 351 (Ark. 1990).
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