37.1105 Foreclosure under power of sale-Notice-Affidavit after sale.

Cite as [A.S.C.A. § 37.1105]

(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 mortgaged property, by publication of the notice once in each of 3 successive weeks (3 publications), the last publication to be not less than 14 days before the day of sale, in a newspaper having a general circulation in the territory; and also give such notices and do all such acts as are authorized or required by the power contained in the mortgage. A copy of the notice shall be posted on the premises not less than 21 days before the day of sale. Any sale, of which notice has been given as aforesaid, may be postponed from time to time by public announcement made by the mortgagee or by some person acting on his behalf. He shall, within 30 days after selling the property in pursuance of the power, file a copy of the notice of sale and his affidavit setting forth his acts in the premises fully and particularly, with the Territorial Registrar. The affidavit and copy of the notice shall be recorded and indexed by the registrar, in the manner provided under 3.0325, 4.1101 through 4.1106 or 37.0210.

(b) This section is inapplicable if the mortgagee is foreclosing as to personal property only.

History: 1978, PL 15-83; 1979, PL 16-48 § 1.