Defrauding a secured creditor

1. Law
2. Arkansas Code
3. Criminal Offenses
4. Offenses Against Property
5. Forgery and Fraudulent Practices
6. Offenses Generally
7. Defrauding a secured creditor

1. (a)

   1. (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.

   2. (2) Defrauding a secured creditor in the first degree is a Class D felony.

2. (b)

   1. (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 settlement 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. (2) Defrauding a secured creditor in the second degree is a Class A misdemeanor.

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