Browse Arkansas Code titles and sections
18-50-107. Manner of sale.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:18-50-107
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0c32372c82c1397648cccfe2a486d99a29459e3f3e894f60120047379c2542ee
Source location: content.xml paragraph 11403
Stored source content
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 bid.
(2) Interest shall accrue on any unpaid balance of the price bid at the rate specified in the note secured by the mortgage or deed of trust.
(3) Within ten (10) days after the sale, the mortgagee or trustee shall execute and deliver the trustee's deed or mortgagee's deed to the purchaser.
(4) The mortgagee or beneficiary shall receive a credit on its bid for:
(A) The amount representing the unpaid principal owed;
(B) Accrued interest as of the date of the sale;
(C) Advances for the payment of taxes, insurance, and maintenance of the trust property; and
(D) Costs of the sale, including reasonable trustee's and attorney's fees.
(f)(1) The purchaser at the sale shall be entitled to immediate possession of the property.
(2)(A) Possession may be obtained by filing a complaint in the circuit court of the county in which the property is situated and attaching a copy of the recorded trustee's or mortgagee's deed, whereupon the purchaser shall be entitled to an ex parte writ of assistance.
(B) Alternatively, the purchaser may bring an action for forcible entry and detainer under § 18-60-301 et seq.
(C) In either event, the provisions of § 18-50-116(d) shall apply.
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Arkansas Code — all titles (historical 2020) · legal_authorities
17-17-101. Title.
This chapter shall be known and cited as the “Auctioneer's Licensing Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-17-101
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 17-17-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
17-42-101. Title.
This chapter shall be known as the “Real Estate License Law”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 17-42-101
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 17-42-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-50-104. Prerequisites for foreclosure sale — Contents of notice of sale — Persons to receive notice.
(a) The trustee or mortgagee may not sell the trust property unless:
(1) The mortgagee, trustee, or beneficiary has filed for record with the recorder of the county in which the trust property is situated a duly acknowledged notice of default and intention to sell containing the information required by subsection (b) of this section;
(2) A period of at least sixty (60) days has elapsed since the recording of the notice of default and intention to sell; and
(3)(A)(i) The beneficiary or mortgagee has certified to its trustee or attorney-in-fact under § 18-50-102 that each mortgagor, grantor, or obligor who applied for loan modification or forbearance assistance has been notified that the mortgagor, grantor, or obligor does not meet the criteria for loan modification or forbearance assistance under any program offered by:
(a) The beneficiary or mortgagee; or
(b) A government agency if the beneficiary or mortgagee participates in the government agency's program.
(ii) The notice shall be sent to the property address or mailing address of the mortgagor, grantor, or obligor by certified and first-class mail at least ten (10) business days before the sale.
(B) The duties of the beneficiary or mortgagee under subdivision (a)(3)(A) of this section are not delegable to the beneficiary's trustee or the mortgagee's attorney-in-fact.
(b) The mortgagee's or trustee's notice of default and intention to sell shall set forth:
(1) The names of the parties to the mortgage or deed of trust;
(2) A legal description of the trust property and, if applicable, the street address of the property;
(3) The book and page numbers where the mortgage or deed of trust is record
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-50-104
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 18-50-104. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-60-301. Legislative intent.
(a) Acts 1875, No. 85 [repealed], as amended by Acts 1875 (Adj. Sess.) No. 56; Acts 1891, No. 8 [repealed] and Acts 1947, No. 373 [repealed], which declare and describe the cause of action for forcible entry and detainer and unlawful detainer and prescribe the procedure for carrying out the rights and remedies granted to affected parties thereunder, is in need of clarification and revision in order that persons affected thereby may be afforded reasonable opportunity to be heard on legitimate objections to writs of possession entered in accordance with the provisions of this law.
(b) It is, therefore, found to be to the best interest of the people of this state that an additional procedure be specifically prescribed for the enforcement of the rights of parties claiming a cause of action by reason of forcible entry and detainer or unlawful detainer of real property and those persons against whom such causes of action are brought.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-60-301
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 18-60-301. This identifies an authority to review, not proof of applicability.