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Loren, Attorney
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The Arkansas statutes for foreclosure under the Power of Sale

Resolved Question:

The Arkansas statutes for foreclosure under the Power of Sale Clause reads that an action to exercise under that clause cannot be done unless
D) No action has been instituted to recover the debt or any part of it secured by the mortgage...
There is no definition in the statute of what constitutes an "action." Is this strictly a court action? Or is a demand from a debt collector for the alleged amount owed an "action" under this statute?
Submitted: 3 years ago.
Category: Business Law
Expert:  Loren replied 3 years ago.
Thank you for using JustAnswer. I am JudgeLaw and I will do whatever I can to answer your question and provide you excellent service.

No, action refers only to judicial foreclosure. In other words, a mortgage lender must choose either a judicial or non-judicial foreclosure remedy. They can not pursue both.

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