§ 6-20-1222 - Sale of school property securing deed of trust -- Release of lien. - Arkansas Statutes

6-20-1222. Sale of school property securing deed of trust -- Release of lien.

(a) When any school district of Arkansas desires to abandon any property for school purposes and to sell and convey the property and use the proceeds for either repairs or new construction of buildings for school purposes of the school district, the trustee of the deed of trust securing any bond issue of the school district and including the land so to be abandoned, sold, and conveyed shall have the power, if the trustee deems it to be to the best interest of the school district, to release the land to be sold or conveyed from the lien of the deed of trust by which the trustee is appointed.

(b) The release may be either by endorsement of the trustee, if an individual, or by endorsement by one (1) of the corporate officers of the trustee, if a corporation, on the margin of the record of the deed of trust, or by a separate instrument executed and placed on record in the county in which the land is situated.