§ 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 […]
§ 18-50-102. Parties authorized to foreclose mortgage or deed of trust
(a) Parties authorized to foreclose a mortgage or deed of trust under this chapter are limited to: (1) A trustee or attorney-in-fact who is an active licensed member of the Bar of the Supreme Court of the State of Arkansas or a law firm among whose members includes such an attorney if the attorney or […]
§ 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 […]
§ 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; […]
§ 18-50-105. Publication of notice
The mortgagee or trustee shall publish the notice: (1) In a newspaper of general circulation in the county in which the trust property is situated or in a newspaper of general statewide daily publication one (1) time a week for four (4) consecutive weeks prior to the date of sale. The final publication shall be […]
§ 18-50-106. Trustee’s affidavit
On or before the date the mortgagee or trustee conducts the sale, a duly acknowledged affidavit of mailing and publication of the notice of default and intention to sell shall be filed for record with the recorder of the county in which the trust property is situated.
§ 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 […]
§ 18-50-108. Effect of sale
(a) (1) A sale made by a mortgagee or trustee shall foreclose and terminate all interest in the trust property of all persons to whom notice is given under § 18-50-104 and of any other person claiming by, through, or under the person. A failure to give notice to any person entitled to notice shall […]
§ 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 […]
§ 18-50-111. Form and effect of trustee’s or mortgagee’s deed
(a) (1) The trustee’s or mortgagee’s deed shall contain recitals of compliance with the requirements of this chapter relating to the exercise of the power of sale and sale of the trust property, including recitals concerning mailing and publication of notice of default and intention to sell and the conduct of the sale. (2) Upon […]