State Codes and Statutes
Statutes > Arkansas > Title-18 > Subtitle-4 > Chapter-50 > 18-50-10218-50-102. Qualifications of trustee -- Appointment of successor trustee.
(a) A trustee of a deed of trust shall be any:
(1) Attorney who is an active licensed member of the Bar of the Supreme Court of the State of Arkansas or law firm among whose members includes such an attorney;
(2) Bank or savings and loan association authorized to do business under the laws of Arkansas or those of the United States;
(3) Corporation which is an affiliate of a bank or savings and loan association authorized to do business under the laws of Arkansas or those of the United States, which is either an Arkansas bank or a registered out-of-state bank, as the terms are defined under 23-45-102, which maintains a branch in the State of Arkansas; or
(4) Agency or authority of the State of Arkansas where not otherwise prohibited by law.
(b) (1) The beneficiary may appoint a successor trustee at any time by filing a substitution of trustee for record with the recorder of the county in which the trust property is situated.
(2) The new trustee shall succeed to all the power, duties, authority, and title of the original trustee and any previous successor trustee.
(3) The beneficiary may, by express provision in the substitution of a trustee, ratify and confirm actions taken on its behalf by the new trustee prior to the recording of the substitution of the trustee.
(c) The substitution shall identify the deed of trust by stating the names of the original parties thereto, the date of recordation, and the book and page where recorded or the recorder's document number. The substitution shall also state the name of the new trustee and shall be executed and duly acknowledged by all the beneficiaries or their successors in interest.
(d) A mortgagee may delegate his or her powers and duties under this chapter to an attorney-in-fact, whose acts shall be done in the name of and on behalf of the mortgagee. The qualifications for an attorney-in-fact shall be the same as those for a trustee.
(e) The appointment of an attorney-in-fact by a mortgagee shall be made by a duly executed, acknowledged, and recorded power of attorney, which shall identify the mortgage by stating the names of the original parties thereto, the date of recordation, and the book and page where recorded or the recorder's document number.
(f) A substitution of trustee or power of attorney shall be recorded before any trustee's or mortgagee's deed executed by the substituted trustee or attorney-in-fact is recorded.
