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37.1110 Transfer of mortgaged interests-Individually owned land-Marketability.

Cite as [A.S.C.A. § 37.1110]

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 means of or after the foreclosure of a mortgage on such land shall have the power to receive and hold title to such land for the unexpired term of such mortgage plus an additional period of up to ten years and to transfer title to the entire interest which was pledged as security for the mortgage to any person qualified to acquire title to such interest. No title received, held, or transferred in accordance with this section shall be deemed unmarketable merely because of the restrictions on alienation in section 37.0204.

History: 1988 PL 20-73; amd 1989 PL 21-23.