(a)
(1) Subject to the provisions of § 18-50-114 and notwithstanding the terms of the mortgage, a power of sale is implied in every mortgage of real property situated in this state that is duly acknowledged and recorded.
(2) The exercise of the implied power of sale shall be pursuant to the provisions of this chapter.
(b) A mortgagor and his or her successor in interest shall have the rights and duties of a grantor, and a mortgagee and his or her successor in interest shall have the rights and duties of a trustee and a beneficiary.
(c) The mortgagee shall comply with §§ 18-50-103 — 18-50-107, 18-50-109, and 18-50-110 [repealed], and the mortgagee's deed shall comply with § 18-50-111.
Structure Arkansas Code
Subtitle 4 - Mortgages And Liens
Chapter 50 - Statutory Foreclosures
§ 18-50-102. Parties authorized to foreclose mortgage or deed of trust
§ 18-50-103. Conditions to exercise of power of sale
§ 18-50-105. Publication of notice
§ 18-50-106. Trustee's affidavit
§ 18-50-109. Disposition of proceeds of sale
§ 18-50-111. Form and effect of trustee's or mortgagee's deed
§ 18-50-112. Deficiency judgment
§ 18-50-113. Request for notice
§ 18-50-114. Reinstatement of mortgage or deed of trust
§ 18-50-115. Implied powers in mortgages