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18-50-116. Miscellaneous provisions.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-50-116. Miscellaneous provisions.
(a) The procedures set forth in this chapter for the foreclosure of a mortgage or deed of trust shall not impair or otherwise affect the right to bring a judicial action to foreclose a mortgage or deed of trust.
(b) A notice of default and intention to sell shall be filed within the time the foreclosure of the mortgage or deed of trust by judicial action could have been commenced.
(c) The procedures set forth in this chapter shall apply only if the mortgagee or beneficiary is a mortgage company as defined in § 18-50-101 or is a bank or savings and loan. This chapter shall not apply to a mortgage or a deed of trust encumbering trust property used primarily for agricultural purposes.
(d) Nothing in this chapter shall be construed to:
(1) Create an implied right of redemption in favor of any person; or
(2)(A) Impair the right of any person or entity to assert his or her legal and equitable rights in a court of competent jurisdiction.
(B) However, a claim or defense of a person or entity asserting his or her or its legal and equitable rights shall be asserted before the sale or it is forever barred and terminated, except that the mortgagor may assert the following against either the mortgagee or trustee:
(i) Fraud; or
(ii) Failure to strictly comply with the provisions of this chapter, including without limitation subsection (c) of this section.
(C)(i) The claims or defenses described in subdivision (d)(2)(B) of this section may not be asserted against a subsequent purchaser for value of the property.
(ii) For purposes of this section, “purchaser for value” does not include the mortgagee or the trustee.
(e)(1) At any time prior to the delivery of the trustee's or mortgagee's deed, the trustee or mortgagee shall be
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-50-116
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:18-50-116
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 80201e37709c995877405a93f2ba566581c667fca8bc467fa2924e025e69f822
Source location: content.xml paragraph 11565
Stored source content
18-50-116. Miscellaneous provisions.
(a) The procedures set forth in this chapter for the foreclosure of a mortgage or deed of trust shall not impair or otherwise affect the right to bring a judicial action to foreclose a mortgage or deed of trust.
(b) A notice of default and intention to sell shall be filed within the time the foreclosure of the mortgage or deed of trust by judicial action could have been commenced.
(c) The procedures set forth in this chapter shall apply only if the mortgagee or beneficiary is a mortgage company as defined in § 18-50-101 or is a bank or savings and loan. This chapter shall not apply to a mortgage or a deed of trust encumbering trust property used primarily for agricultural purposes.
(d) Nothing in this chapter shall be construed to:
(1) Create an implied right of redemption in favor of any person; or
(2)(A) Impair the right of any person or entity to assert his or her legal and equitable rights in a court of competent jurisdiction.
(B) However, a claim or defense of a person or entity asserting his or her or its legal and equitable rights shall be asserted before the sale or it is forever barred and terminated, except that the mortgagor may assert the following against either the mortgagee or trustee:
(i) Fraud; or
(ii) Failure to strictly comply with the provisions of this chapter, including without limitation subsection (c) of this section.
(C)(i) The claims or defenses described in subdivision (d)(2)(B) of this section may not be asserted against a subsequent purchaser for value of the property.
(ii) For purposes of this section, “purchaser for value” does not include the mortgagee or the trustee.
(e)(1) At any time prior to the delivery of the trustee's or mortgagee's deed, the trustee or mortgagee shall be authorized to set aside a sale conducted pursuant to this chapter by declaring the sale null and void and returning the purchase price to the highest bidder without any further liability to the bidder.
(2) In this event, the trustee or mortgagee shall file an affidavit declaring the sale null and void with the recorder of the county in which the trust property is located, and all terms and provisions of the mortgage or deed of trust shall be revived and reinstated as if no sale had occurred.
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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.