Browse Arkansas Code titles and sections
12 U.S.C. § 3712 — Disposition of sale proceeds
Federal law — U.S. Code and appendices · legal_authorities
Money realized from a foreclosure sale shall be made available for obligation and expenditure—
(1) first to cover the costs of foreclosure provided for in [section 3711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3711&num=0&edition=prelim);
(2) then to pay valid tax liens or assessments prior to the mortgage;
(3) then to pay any liens recorded prior to the recording of the mortgage which are required to be paid in conformity with the terms of sale in the notice of default and foreclosure sale;
(4) then to service charges and advancements for taxes, assessments, and property insurance premiums;
(5) then to the interest;
(6) then to the principal balance secured by the mortgage (including expenditures for the necessary protection, preservation, and repair of the security property as authorized under the mortgage agreement and interest thereon if provided for in the mortgage agreement); and
(7) then to late charges.
Any surplus after payment of the foregoing shall be paid to holders of liens recorded after the mortgage and then to the appropriate mortgagor. If the person to whom such surplus is to be paid cannot be located, or if the surplus available is insufficient to pay all claimants and the claimants cannot agree on the allocation of the surplus, or if any person claiming an interest in the mortgage proceeds does not agree that some or all of the sale proceeds should be paid to a claimant as provided in this section, that part of the sale proceeds in question may be deposited by the foreclosure commissioner with an appropriate official or court authorized under law to receive disputed funds in such circumstances. If such a procedure for the deposit of disputed funds is not available, and the foreclosure commissione
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3712
Stored review status: release_metadata_unconfirmed. A text match is a research starting point; applicability is not established.
Original supplied file — preserved unchanged
Download original Markdown file
File SHA-256: 31f2259ad465f5576feb0e7ff04b3d6e069a71d906381a423937950b1d213e76. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. Search shows only the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Open the recorded source website ↗
Record provenance
Stable record: federal_law:legal_authorities:record_usc_f0a65db2d3ca52f380f46741
Source file: Laws/federal/codes/united-states-code/title-12/section-3712-disposition-of-sale-proceeds--ed384afa72.md
Pages: Not recorded – Not recorded
Passage SHA-256: 4d23d9f6f2cad5dff161dc94892db67a3b66047d275c5c2e6b6c20bb81c08f5f
Source location: Title 12, Chapter 38, § 3712; chapter-038-multifamily-mortgage-foreclosure.md
Stored source content
Money realized from a foreclosure sale shall be made available for obligation and expenditure—
(1) first to cover the costs of foreclosure provided for in [section 3711 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3711&num=0&edition=prelim);
(2) then to pay valid tax liens or assessments prior to the mortgage;
(3) then to pay any liens recorded prior to the recording of the mortgage which are required to be paid in conformity with the terms of sale in the notice of default and foreclosure sale;
(4) then to service charges and advancements for taxes, assessments, and property insurance premiums;
(5) then to the interest;
(6) then to the principal balance secured by the mortgage (including expenditures for the necessary protection, preservation, and repair of the security property as authorized under the mortgage agreement and interest thereon if provided for in the mortgage agreement); and
(7) then to late charges.
Any surplus after payment of the foregoing shall be paid to holders of liens recorded after the mortgage and then to the appropriate mortgagor. If the person to whom such surplus is to be paid cannot be located, or if the surplus available is insufficient to pay all claimants and the claimants cannot agree on the allocation of the surplus, or if any person claiming an interest in the mortgage proceeds does not agree that some or all of the sale proceeds should be paid to a claimant as provided in this section, that part of the sale proceeds in question may be deposited by the foreclosure commissioner with an appropriate official or court authorized under law to receive disputed funds in such circumstances. If such a procedure for the deposit of disputed funds is not available, and the foreclosure commissioner files a bill of interpleader or is sued as a stakeholder to determine entitlement to such funds, the foreclosure commissioner’s necessary costs in taking or defending such action shall be deductible from the disputed funds.
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
The following foreclosure costs shall be paid from the sale proceeds prior to satisfaction of any other claim to such sale proceeds:
(1) necessary advertising costs and postage incurred in giving notice pursuant to sections 3708 and 3710 of this title;
(2) mileage for posting notices and for the foreclosure commissioner’s attendance at the sale at the rate provided in [section 1921 of title 28](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title28-section1921&num=0&edition=prelim) for mileage by the most reasonable road distance;
(3) reasonable and necessary costs actually incurred in connection with any necessary search of title and lien records;
(4) necessary out-of-pocket costs incurred by the foreclosure commissioner to record documents; and
(5) a commission for the foreclosure commissioner for the conduct of the foreclosure to the extent authorized by regulations issued by the Secretary.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3711
Stored review status: release_metadata_unconfirmed. Explicit cross-reference supplied in source Markdown; currentness and applicability require review.
Federal law — U.S. Code and appendices · legal_authorities
Page 1560
TITLE 12—BANKS AND BANKING
§ 3711
between the hours of 9 o’clock ante meridian
and 4 o’clock post meridian local time on a day
other than Sunday or a public holiday as defined
by section 6103(a) of title 5 or State law. The
foreclosure sale shall be held at a location speci-
fied in the notice of default and foreclosure sale,
which shall be a location where foreclosure real
estate auctions are customarily held in the
county or one of the counties in which the prop-
erty to be sold is located, or at a courthouse
therein, or at or on the property to be sold. Sale
of security property situated in two or more
counties may be held in any one of the counties
in which any part of the security property is sit-
uated.
(b) Conduct of sale
The foreclosure commissioner shall conduct
the foreclosure sale in accordance with the pro-
visions of this chapter and in a manner fair to
both the mortgagor and the Secretary. The fore-
closure commissioner shall attend the fore-
closure sale in person, or, if there are two or
more commissioners, at least one shall attend
the foreclosure sale. In the event that no fore-
closure commissioner is a natural person, the
foreclosure commissioner shall cause its duly
authorized employee to attend the foreclosure
sale to act on its behalf. Written one-price
sealed bids shall be accepted by the foreclosure
commissioner from the Secretary and other per-
sons for entry by announcement by the commis-
sioner at the sale. The Secretary and any other
person may bid at the foreclosure sale, including
the Secretary or any other person who has sub-
mitted a written one-price bid, except that the
foreclosure commissioner or any relative, re-
lated business entity or employee of such com-
missioner or entity shall not be permitt
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 3712
Stored review status: historical_2024_not_currentness_verified. Same stored citation; legal effect and authority still require review.