§ 18-50-108 — Effect of sale

Arkansas § 18-50-108

• Jurisdiction: Arkansas
• Title: 18

Text

(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 not affect the validity of the sale as to persons notified. (2) A person entitled to notice, but not given notice, shall have the rights of a person not made a defendant in a judicial foreclosure. (b) A sale shall terminate all rights of redemption, and no person shall have a right to redeem the trust property after a sale, notwithstanding that the deed to and possession of the trust property have yet to be delivered. (c) (1) No notice shall be required to be given to any person claiming an interest subsequent to the filing of the notice of default and intention to sell as set forth in § 18-50-104 . (2) The filing of the notice of default and intention to sell shall have the same force and effect as the filing of a lis pendens in a judicial proceeding.

Legislative History

Acts 1987, No. 53, § 8; 1999, No. 983, § 8.