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18-50-101. Definitions.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:18-50-101
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: d52e22fd4d87e1c07821b0d68c1fa6970aecb5f594cc199d62ab20669e2a780d
Source location: content.xml paragraph 11220
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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) “Trust property” means the property encumbered by a mortgage or deed of trust; and
(12) “Trustee” means any person or legal entity to whom legal title to real property is conveyed by deed of trust or his or her successor in interest.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-50-107. Manner of sale.
(a) The sale shall be held on the date and at the time and place designated in the notice of default and intention to sell, except that the sale shall:
(1) Be held between 9:00 a.m. and 4:00 p.m.;
(2) Be held either at the premises of the trust property or at the front door of the county courthouse of the county in which the trust property is situated; and
(3) Not be held on a Saturday, Sunday, or a legal holiday.
(b)(1)(A) Any person, including the mortgagee and the beneficiary, may bid at the sale.
(B) The trustee may bid for the beneficiary but not for himself or herself.
(2) The mortgagee or trustee shall engage a third party that is licensed to sell real estate under the Real Estate License Law, § 17-42-101 et seq., and licensed to act as an auctioneer under the Auctioneer's Licensing Act, § 17-17-101 et seq., to conduct the sale and act at the sale as the auctioneer.
(3) No bid shall be accepted that is less than two-thirds (2/3) of the entire indebtedness due at the date of sale.
(c)(1) The person conducting the sale may postpone the sale from time to time.
(2)(A) In every such case, notice of postponement shall be given by:
(i) Public proclamation thereof by that person; or
(ii) Written notice of postponement posted at the time and place last appointed for the sale.
(B)(i) No other notice of the postponement need be given unless the sale is postponed for longer than thirty (30) days beyond the date designated in the notice.
(ii) In that event, notice thereof shall be given pursuant to § 18-50-104.
(d) The sale is concluded when the highest bid is accepted by the person conducting the sale.
(e)(1) Unless otherwise agreed to by the trustee or mortgagee, the purchaser shall pay at the time of sale the price
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-50-107
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 18-50-107. This identifies an authority to review, not proof of applicability.