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The low operating costs and decent profit margins make it a remunerative business for investors. The economic durability offered by this industry makes it an ideal investment for risk-averse investors and a passive source of income for portfolio diversification.
Defaulting on a storage unit can negatively impact your credit score if the facility reports unpaid debts to collection agencies or credit bureaus. This could make it difficult to secure housing or other services that require good credit standing.
Possessory lien and notice to owners and lienholders. (a)(1) The towing and storage firm shall have a first priority possessory lien on the vehicle and its contents for all reasonable charges for towing, recovery, and storage for which the owner is liable.
The period during which a judgment is generally enforceable against the debtor is governed by Arkansas Code § 16-56-114 ? the statute of limitations applicable to judgments. It provides for a ten year limitation period after which, unless the period has been extended, further enforcement action is barred.
Legal notice of sale published once in each of 2 consecutive weeks in a newspaper in the county where the storage unit is located. The sale can take place 15 days after the notice has run.
If the occupant is in default for a period of more than forty-five (45) days, the operator may enforce the lien by selling the property stored in the leased space at a public sale for cash.
PERSONAL PROPERTY STORED IN OCCUPANT'S SPACE WILL BE SOLD OR OTHERWISE DISPOSED OF IF NO PAYMENT HAS BEEN RECEIVED FOR A CONTINUOUS THIRTY-DAY PERIOD AFTER DEFAULT.
(a) The lien provided for in this subchapter shall take precedence over, and be superior to, any mortgage or other obligation attaching against the property in all cases in which the holder of the mortgage or other obligation shall permit the property to remain in the possession of and be used by the person owing and ...