§ 16-117-208 - Receiver to preserve mortgaged property. - Arkansas Statutes

16-117-208. Receiver to preserve mortgaged property.

In an action by a mortgagee for the foreclosure of his mortgage, and the sale of the mortgaged property, a receiver may be appointed where it appears that the mortgaged property is in danger of being lost, removed, or materially injured, or that the conditions of the mortgage have not been performed and that the property is probably insufficient to discharge the mortgage debt. However, no receiver shall be appointed at the instance of the holder of the mortgage where it appears that the debtor or mortgagor has mortgaged his or her crops, or his or her interest therein, for the purpose of obtaining money or supplies for the making of the crop or waived his or her rents for that purpose, and that the mortgage debt or the consideration for the waiver of rents has not been repaid.