§ 18-50-107 — Manner of sale

Arkansas § 18-50-107

• Jurisdiction: Arkansas
• Title: 18

Text

(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.

Legislative History

Acts 1987, No. 53, § 7; 1999, No. 983, §§ 6, 7; 2011, No. 885, § 4; 2011, No. 901, § 3.