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ARKANSAS STATUTES AND CODES

§ 18-50-114 - Reinstatement of mortgage or deed of trust.

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18-50-114.Reinstatement of mortgage or deed of trust.(a)(1)Wheneverall or a portion of the principal sum of any obligation secured by amortgage or deed of trust, prior to the maturity date fixed in suchobligation, has become due or has been declared due by reason of abreach or default in the performance of any obligation secured by themortgage or deed of trust, including a default in the payment ofinterest or of any installment of principal, or by reason of a failureof the grantor to pay, in accordance with the terms of the mortgage ordeed of trust, taxes, assessments, premiums for insurance, or advancesmade by the mortgagee or beneficiary in accordance with the terms ofsuch obligation or of such mortgage or deed of trust, then the mortgagoror grantor or their successors in interest in the trust property maypay, at any time subsequent to the filing for record of a notice ofdefault and intention to sell and prior to the sale, to the mortgagee orbeneficiary or their successor in interest the entire amount then dueunder the terms of such mortgage or deed of trust, including costs andexpenses actually incurred in enforcing the terms of the obligation andmortgage or deed of trust, and trustee's and attorney's fees other thanthat portion of the principal which would not then be due had no defaultoccurred, and thereby cure the default theretofore existing.(2)Thereupon,all proceedings under this chapter theretofore had or instituted shallbe dismissed or discontinued, and the obligation and mortgage or deed oftrust shall be reinstated and shall be and remain in force and effect,the same as if no acceleration had occurred.(b)Ifthe default is cured and the mortgage or deed of trust reinstated inthe manner provided in this section, the mortgagee, beneficiary, ortheir successors in interest shall file for record with the recorder ofthe county in which the trust property is situated a duly acknowledgedcancellation of the recorded notice of default and intention to sellunder such mortgage or deed of trust.
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  • 18-50-114. Reinstatement of mortgage or deed of trust.

    (a) (1) Whenever all or a portion of the principal sum of any obligation secured by a mortgage or deed of trust, prior to the maturity date fixed in such obligation, has become due or has been declared due by reason of a breach or default in the performance of any obligation secured by the mortgage or deed of trust, including a default in the payment of interest or of any installment of principal, or by reason of a failure of the grantor to pay, in accordance with the terms of the mortgage or deed of trust, taxes, assessments, premiums for insurance, or advances made by the mortgagee or beneficiary in accordance with the terms of such obligation or of such mortgage or deed of trust, then the mortgagor or grantor or their successors in interest in the trust property may pay, at any time subsequent to the filing for record of a notice of default and intention to sell and prior to the sale, to the mortgagee or beneficiary or their successor in interest the entire amount then due under the terms of such mortgage or deed of trust, including costs and expenses actually incurred in enforcing the terms of the obligation and mortgage or deed of trust, and trustee's and attorney's fees other than that portion of the principal which would not then be due had no default occurred, and thereby cure the default theretofore existing.

    (2) Thereupon, all proceedings under this chapter theretofore had or instituted shall be dismissed or discontinued, and the obligation and mortgage or deed of trust shall be reinstated and shall be and remain in force and effect, the same as if no acceleration had occurred.

    (b) If the default is cured and the mortgage or deed of trust reinstated in the manner provided in this section, the mortgagee, beneficiary, or their successors in interest shall file for record with the recorder of the county in which the trust property is situated a duly acknowledged cancellation of the recorded notice of default and intention to sell under such mortgage or deed of trust.

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