§ 14-187-108 - Deed of conveyance. - Arkansas Statutes

14-187-108. Deed of conveyance.

(a) (1) (A) The transfer of property under this chapter shall be evidenced by a deed of conveyance in the usual form and with the usual covenants of warranty. A lien against the property sold shall be retained in the deed for all of the unpaid purchase price. The lien shall include the indebtedness of the district required to be assumed by the purchaser, with the right in the board of improvement of the district upon default in the payment of any part or portion of the principal or interest, as it matures, to declare all of the purchase price due and payable and to proceed to foreclose the lien on the property.

(B) In the same action or by separate action, the board of improvement and the city shall proceed against the surety on the bond provided for in 14-187-107 to recover any and all damages that the district may have sustained on account or by reason of the breach of the sale.

(2) The deed of conveyance shall be executed on behalf of the city by the mayor and clerk and on behalf of the improvement district by the chairman and secretary of the board of improvement.

(b) (1) The sale of all property of an improvement district shall not work a forfeiture of the corporate entity of the district until all of the purchase price including the indebtedness of the district so assumed by the purchaser shall have been paid in full.

(2) Upon the payment of all the indebtedness by the purchaser, the lien retained in the deed of conveyance shall be satisfied by a deed of release or by marginal entry upon the deed records where it is recorded, by the mayor and clerk for and in behalf of the city and by the chairman and secretary of the board of improvement for and on behalf of the district.