§ 18-50-103 - Conditions to exercise of power. - Arkansas Statutes

18-50-103. Conditions to exercise of power.

A trustee or mortgagee may not sell the trust property unless:

(1) The deed of trust or mortgage is filed for record with the recorder of the county in which the trust property is situated;

(2) There is a default by the mortgagor, grantor, or other person owing an obligation, the performance of which obligation is secured by the mortgage or deed of trust or by their successors in interest with respect to any provision in the mortgage or deed of trust that authorizes sale in the event of default of the provision;

(3) The mortgagee, trustee, or beneficiary has filed for record with the recorder of the county in which the trust property is situated a duly acknowledged notice of default and intention to sell containing the information required by 18-50-104;

(4) No action has been instituted to recover the debt or any part of it secured by the mortgage or deed of trust or, if such action has been instituted, the action has been dismissed; and

(5) A period of at least sixty (60) days has elapsed since the recording of the notice of default and intention to sell.