Surplus funds in Arkansas: the rules, straight.
We recover foreclosure surplus, tax sale overages, and vehicle/boat/RV repossession surplus here.
Foreclosure / mortgage surplus
Yes — we recover this here.
Statutory sale: trustee/mortgagee pays expenses, debt, junior recorded liens, surplus to grantor or successor (Ark. Code § 18-50-109). Judicial: commissioner sale; court confirmation; surplus to mortgagors.
Surplus statute is § 18-50-109, not § 18-49-107 (ch. 49 ends at § 18-49-106 1-yr redemption, waivable). No pre-escheat fee cap or assignment bar. 'Successor in interest' contemplates transferees.
Tax sale overages
We work these under a direct service agreement with you — state law restricts assignments here, and we honor that.
Commissioner of State Lands holds excess in escrow; former record owner applies after the 1-yr deed hold (26 CAR § 400-402; § 26-37-205). Heirs only to first degree. Agents allowed.
Deadline: 2 years from escrow, then escheats to the county and is unrecoverable (§ 26-37-205(c); 26 CAR § 400-405).
§ 26-37-205 already returned surplus pre-Tyler (AG Op. 2024-001). Paid to former owners only. CSL rule caps agent fees at 10% (26 CAR § 400-403) — not a statutory assignment voider. Redeem until sale/disposal (§ 26-37-310).
Courtroom requirement: Process here varies enough that we route files through counsel review — included in the same contingency deal.
If nobody claims it: Tax excess: 2 yrs with CSL then escheats to the county — dead (Ark. Code § 26-37-205(c)). Mortgage leftovers → UP. Post-escheat: 24-mo wait + 10% (§ 18-28-225).
Cars, boats & RVs in Arkansas: Vehicle/boat/RV repo surplus: UCC § 9-615(d) obliges the LENDER to return the surplus; § 9-616 explanation on request; § 9-625(c)(2) statutory damages for noncompliance. Demand-letter work against the secured party — no county, no state surplus-fee cap in this table.
This page summarizes public statutes for general information — it is not legal advice, rules change, and unverified items are confirmed by our desk (and counsel where needed) before any agreement is papered. Primary source: https://law.justia.com/codes/arkansas/title-18/subtitle-4/chapter-50/section-18-50-109/ · https://arkleg.state.ar.us/Acts/FTPDocument?ddBienniumSession=2023%2F2023R&file=172.pdf&path=%2FACTS%2F2023R%2FPublic%2F
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