Title 37, Property
6 chapters · 50 sections in this title.
A.S.C.A. § 37.1101 Foreclosure by action
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The High Court may assess the amount due upon a mortgage whether of real or personal property, and shall render judgment for the amount awarded, and the foreclosure of the mortgage. Execution may be issued on the judgment, as ordered by the court. History: 1978, PL 15-83, 1979, P…
A.S.C.A. § 37.1102 Other mortgages joined
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All prior and subsequent mortgage creditors, whose names are or can be discovered by the party foreclosing a mortgage, shall be made parties to the action. History: 1978, PL 15-83, 1979, PL 16-48 § 1.
A.S.C.A. § 37.1103 Proceeds-How applied
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Mortgage creditors shall be entitled to payment according to the priority of their liens, and not pro rata; and judgments of foreclosure shall operate to extinguish the liens of subsequent mortgages of the same property, without forcing prior mortgagees to their right of recovery…
A.S.C.A. § 37.1104 Defenses
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The mortgagor, or any subsequent mortgagee, may defend the action for foreclosure, and may show any matter in legal or equitable avoidance of the mortgage. History: 1978, PL 15-83; 1979, PL 16-48 § 1.
A.S.C.A. § 37.1105 Foreclosure under power of sale-Notice-Affidavit after sale
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(a) When a power of sale is contained in a mortgage, the mortgagee, or his successor in interest, or any person authorized by the power to act in the premises, may, upon a breach of the condition, give notice of his intention to foreclose the mortgage and of the sale of the mortg…
A.S.C.A. § 37.1106 Notice to mortgage creditors
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(a) Whenever a mortgage creditor having a mortgage lien on certain premises desires notice that another mortgage creditor having a mortgage lien on the same premises intends to foreclose the mortgage and sell the mortgaged property under a power of sale under 37.1105, he may subm…
A.S.C.A. § 37.1107 Affidavit as evidence
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If it appears by the affidavit that the affiant has in all respects complied with the requirements of the power of sale and the statute, in relation to all things to be done by him before selling the property, and has sold the same in the manner required by the power, the affidav…
A.S.C.A. § 37.1108 Dower barred
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If the mortgage was executed by a man having at the time no lawful wife, or if the mortgagor being married, his wife joined in the deed in token of her release of dower, the sale of the property in this manner shall be effectual to bar all claim and possibility of dower in the pr…
A.S.C.A. § 37.1109 Power unaffected by transfer-Surplus after sale
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No sale or transfer by the mortgagor shall impair or annul any right or power of attorney given in the mortgage to the mortgagee to sell or transfer the mortgaged property, as attorney or agent of the mortgagor. When public sale is made of the mortgaged property under this chapte…
A.S.C.A. § 37.1110 Transfer of mortgaged interests-Individually owned land-Marketability
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Any person who is a mortgage, or a federal mortgage insurer or other person which succeeds to the interest of a mortgage, including persons not qualified to acquire title under section 37.0204, to whom by deed or other instrument title to individually owned land is transferred by…
A.S.C.A. § 37.1111 Definitions
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(a) “Federal mortgage insurer” means any agency or instrumentality of the Government of the United States of America, which insures or guarantees mortgages or other loans for residential housing. (b) “Individually owned land” means land registered as individual property of a pers…