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18-50-115. Implied powers in mortgages.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-50-115. Implied powers in mortgages.
(a)(1) Subject to the provisions of § 18-50-114 and notwithstanding the terms of the mortgage, a power of sale is implied in every mortgage of real property situated in this state that is duly acknowledged and recorded.
(2) The exercise of the implied power of sale shall be pursuant to the provisions of this chapter.
(b) A mortgagor and his or her successor in interest shall have the rights and duties of a grantor, and a mortgagee and his or her successor in interest shall have the rights and duties of a trustee and a beneficiary.
(c) The mortgagee shall comply with §§ 18-50-103 — 18-50-107, 18-50-109, and 18-50-110 [repealed], and the mortgagee's deed shall comply with § 18-50-111.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-50-115
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:18-50-115
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 307cb328ee59f5d99a9ab36878c47790009b95a8b7a5c0d1b3f2d12e98549565
Source location: content.xml paragraph 11557
Stored source content
18-50-115. Implied powers in mortgages.
(a)(1) Subject to the provisions of § 18-50-114 and notwithstanding the terms of the mortgage, a power of sale is implied in every mortgage of real property situated in this state that is duly acknowledged and recorded.
(2) The exercise of the implied power of sale shall be pursuant to the provisions of this chapter.
(b) A mortgagor and his or her successor in interest shall have the rights and duties of a grantor, and a mortgagee and his or her successor in interest shall have the rights and duties of a trustee and a beneficiary.
(c) The mortgagee shall comply with §§ 18-50-103 — 18-50-107, 18-50-109, and 18-50-110 [repealed], and the mortgagee's deed shall comply with § 18-50-111.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-50-103. Conditions to exercise of power of sale.
A beneficiary or mortgagee may not initiate a foreclosure under this chapter unless:
(1) The deed of trust or mortgage is filed for record with the recorder of the county in which the trust property is situated;
(2)(A) The beneficiary or mortgagee:
(i) Has personal knowledge of the records and information provided under this subdivision (2); and
(ii) At least ten (10) days before initiating the foreclosure has provided by standard mail to the grantor, mortgagor, or obligor at the address of the property encumbered by the mortgage or deed of trust or the mailing address of the grantor, mortgagor, or obligor:
(a) A true and correct copy of the note with all required endorsements, the mortgage, or the deed of trust;
(b) The name of the holder and the physical location of the original note;
(c) A true and correct copy of the original mortgage or deed of trust and if in the possession of the beneficiary or mortgagee, each assignment or allonge of the mortgage or deed of trust;
(d) Information, including the applicable telephone number and Internet address, regarding the availability to the grantor, mortgagor, or obligor of each program for loan modification assistance or forbearance assistance offered:
(1) Solely by the beneficiary or the mortgagee; or
(2) By a government agency if the beneficiary or mortgagee participates in the government agency's program; and
(e) If the default is the result of the failure to make payment, a payment history showing the date of default.
(B) If a true and correct copy of the original note, mortgage, deed of trust, or an assignment or allonge of the note, mortgage, or deed of trust is lost or otherwise unavailable, the beneficiary or mortgagee may, instead of provid
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-50-103
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. The source passage cites 18-50-103. This identifies an authority to review, not proof of applicability.
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.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-50-109. Disposition of proceeds of sale.
The trustee or mortgagee shall apply the proceeds of the sale as follows:
(1) To the expenses of the sale, including compensation of the trustee or mortgagee and a reasonable fee by the attorney;
(2) To the indebtedness owed;
(3) To all persons having recorded liens subsequent to the interest of the trustee or mortgagee as their interests may appear in the order of the priority; and
(4) The surplus, if any, to the grantor of the trust deed or to the successor in interest of the grantor entitled to the surplus.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-50-109
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 18-50-109. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-50-114. Reinstatement of mortgage or deed of trust.
(a)(1) Whenever all or a portion of the principal sum of any obligation secured by a mortgage or deed of trust, prior to the maturity date fixed in such obligation, has become due or has been declared due by reason of a breach or default in the performance of any obligation secured by the mortgage or deed of trust, including a default in the payment of interest or of any installment of principal, or by reason of a failure of the grantor to pay, in accordance with the terms of the mortgage or deed of trust, taxes, assessments, premiums for insurance, or advances made by the mortgagee or beneficiary in accordance with the terms of such obligation or of such mortgage or deed of trust, then the mortgagor or grantor or their successors in interest in the trust property may pay, at any time subsequent to the filing for record of a notice of default and intention to sell and prior to the sale, to the mortgagee or beneficiary or their successor in interest the entire amount then due under the terms of such mortgage or deed of trust, including costs and expenses actually incurred in enforcing the terms of the obligation and mortgage or deed of trust, and trustee's and attorney's fees other than that portion of the principal which would not then be due had no default occurred, and thereby cure the default theretofore existing.
(2) Thereupon, all proceedings under this chapter theretofore had or instituted shall be dismissed or discontinued, and the obligation and mortgage or deed of trust shall be reinstated and shall be and remain in force and effect, the same as if no acceleration had occurred.
(b) If the default is cured and the mortgage or deed of trust reinstated in the manner provided in this section, the mortgage
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-50-114
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 18-50-114. This identifies an authority to review, not proof of applicability.