Ark. Code Ann. § 6-62-505: Status of property as that of private person

Subject to any restrictions which may be provided in the instrument of conveyance, property so conveyed to the State of Arkansas in trust for any tax-supported institution of higher education within the state may be sold, leased, rented, subjected to mortgage indebtedness, and dealt with generally by the appropriate governing board in the same manner as the property of any private person.