Arkansas Satisfaction of Deed of Trust

Arkansas Satisfaction of Deed of Trust Information

(The trustee of a deed of trust or a person employed by the trustee shall reconvey all or any part of the property encumbered by a deed of trust to the person entitled to the property on written request of the beneficiary of the deed of trust for a reasonable fee plus costs.)(Chapter 40 - Mortgages 18-40-104(c). Acknowledgment of satisfaction on record)

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. 18-50-102(a). Qualifications of trustee -- Appointment of successor trustee.

This form can be used by the Trustee or Successor Trustee, for full satisfaction/reconveyance. the beneficiary generally has sixty (60) days to record a Satisfaction of Deed of Trust once requested.
(If a person receiving satisfaction does not, within sixty (60) days after being requested, acknowledge satisfaction as stated in subsection (a) of this section or request the trustee to reconvey the property as stated in subsection (c) of this section, he or she shall forfeit to the party aggrieved any sum not exceeding the amount of the mortgage money, to be recovered by a civil action in any court of competent jurisdiction.) (Chapter 40 - Mortgages Ark. Statute 18-40-104(d). Acknowledgment of satisfaction on record)

For use in Arkansas only.

Deeds.com Arkansas Satisfaction of Deed of Trust Forms Have Been Updated as Recently as Wednesday February 22, 2023

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