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18-27-103. Abandonment of personal property.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-27-103. Abandonment of personal property.
(a) Upon the purchase of land at a judicial sale, nonjudicial foreclosure sale, under the Arkansas Statutory Foreclosure Act, § 18-50-101 et seq., or otherwise, or a tax sale, all personal property remaining on the land or in any structure on the land shall be considered to have been abandoned if:
(1) The owner of the personal property has received notice of the sale of the land and has neither removed the personal property nor notified the purchaser in writing of the owner's claim to the personal property within thirty (30) days of recording the deed commemorating the sale; or
(2)(A) After the sale, the purchaser may mail to the last known mailing address of all previous occupants and post notice of the sale of the land and the owner of the personal property has not:
(i) Removed the personal property; or
(ii) Notified the purchaser in writing of the owner's claim to the personal property within thirty (30) days of the posting of the notice.
(B) The notice shall be dated, mailed by certified mail, posted conspicuously on the land, and contain a statement that informs the owner of the personal property that all personal property not removed or claimed within the thirty (30) days of the posting date period shall be considered abandoned.
(b)(1) If the owner of the personal property does not remove the personal property within thirty (30) days, but merely gives the purchaser written notice of the owner's claim, the purchaser may remove and store the personal property at the owner's expense.
(2)(A) The personal property shall be stored for no more than thirty (30) days at the owner's expense.
(B) If the owner of the personal property does not take possession of the personal property and pay the reasonable expense
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-27-103
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:18-27-103
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 31170188e40e4d8b340c3caf62d60c759aa77b298302ac8bbbd3ae3785ded12c
Source location: content.xml paragraph 6325
Stored source content
18-27-103. Abandonment of personal property.
(a) Upon the purchase of land at a judicial sale, nonjudicial foreclosure sale, under the Arkansas Statutory Foreclosure Act, § 18-50-101 et seq., or otherwise, or a tax sale, all personal property remaining on the land or in any structure on the land shall be considered to have been abandoned if:
(1) The owner of the personal property has received notice of the sale of the land and has neither removed the personal property nor notified the purchaser in writing of the owner's claim to the personal property within thirty (30) days of recording the deed commemorating the sale; or
(2)(A) After the sale, the purchaser may mail to the last known mailing address of all previous occupants and post notice of the sale of the land and the owner of the personal property has not:
(i) Removed the personal property; or
(ii) Notified the purchaser in writing of the owner's claim to the personal property within thirty (30) days of the posting of the notice.
(B) The notice shall be dated, mailed by certified mail, posted conspicuously on the land, and contain a statement that informs the owner of the personal property that all personal property not removed or claimed within the thirty (30) days of the posting date period shall be considered abandoned.
(b)(1) If the owner of the personal property does not remove the personal property within thirty (30) days, but merely gives the purchaser written notice of the owner's claim, the purchaser may remove and store the personal property at the owner's expense.
(2)(A) The personal property shall be stored for no more than thirty (30) days at the owner's expense.
(B) If the owner of the personal property does not take possession of the personal property and pay the reasonable expense of storage within the thirty (30) days, the personal property shall be considered abandoned.
(c) A purchaser of land that disposes of personal property that is considered abandoned under this section is not subject to liability or suit.
(d) The following property is not personal property that may be considered abandoned under this section:
(1) A manufactured home or mobile home on which a creditor or other party holds a mortgage, lien, security interest, or other encumbrance; and
(2) Abandoned personal property on which a creditor or other party holds a mortgage, lien, security interest, or other encumbrance.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-50-101. Definitions.
As used in this chapter:
(1) “Beneficiary” means the person named or otherwise designated in a deed of trust as the person for whose benefit a deed of trust is given or his or her successor in interest;
(2) “Deed of trust” means a deed conveying real property in trust to secure the performance of an obligation of the grantor named in the deed or an obligor that is secured by the deed of trust to a beneficiary and conferring upon the trustee a power of sale for breach of an obligation of the grantor or obligor contained in the deed of trust;
(3) “Grantor” means the person conveying an interest in real property by a mortgage or deed of trust as security for the performance of an obligation secured by the mortgage or deed of trust;
(4) “Mortgage” means the grant of an interest in real property to be held as security for the performance of an obligation by the mortgagor or other person;
(5) “Mortgage company” means any private, state, or federal entity that in the usual course of its business is either the mortgagee or beneficiary of a deed of trust or mortgage;
(6) “Mortgage loan servicer” means an entity that holds itself out as being able to service loans secured by liens or mortgages encumbering real property;
(7) “Mortgagee” means the person holding an interest in real property as security for the performance of an obligation secured by a mortgage or his or her attorney-in-fact appointed pursuant to this chapter;
(8) “Mortgagor” means the person granting an interest in real property as security for the performance of an obligation secured by a mortgage;
(9) “Obligor” means a person owing an obligation that is secured by a mortgage or deed of trust;
(10) “Sale” means the public auction conducted pursuant to § 18-50-107;
(11)
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-50-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-50-101. This identifies an authority to review, not proof of applicability.