§ 18-12-607 - Sales of real estate by defunct corporations ratified. - Arkansas Statutes

18-12-607. Sales of real estate by defunct corporations ratified.

(a) All sales of real estate which was the property of any corporation organized under the laws of the State of Arkansas, when the corporation has expired or ceased to exist, either by limitations, judgment of court, forfeiture of its charter, legislative act, or by surrender of charter, are ratified and declared to be binding and to pass to the purchaser at the sales all the right, title, and interest the corporation has in the real estate at the time of its dissolution and to pass to the purchaser all the right, title, and interest in the State of Arkansas, as trustee, as now provided by law.

(b) (1) The deed of conveyance shall have been executed by the proper officers of the corporation at the time of its dissolution or, in the event of their death, absence from the state, or inability to act, the resident stockholders of the corporation shall have a right to select a president and secretary for the purpose of executing and delivering the deed of conveyance.

(2) When so executed, the deed shall have the same force and effect as if executed by the proper officers of the corporation prior to the dissolution thereof.