(a) The transfer of property under this subchapter shall be evidenced by a deed of conveyance in the usual form and with the usual covenants or warranty; but a lien against the property sold shall be retained in the deed for all of the unpaid sale price with the right, upon default of payment of any interest or indebtedness when any interest or indebtedness falls due, to declare all of the unpaid sale price due and payable and to proceed to a foreclosure. The deed of conveyance shall be executed on behalf of a town or city by the mayor and the recorder or clerk.(b) A receipt duly executed by the treasurer of a town or city shall release the purchaser from further liability for the payment of the amount recited in the receipt.(c) Upon the payment of all indebtedness for which a lien may be retained in the deed of conveyance, the mayor and recorder or clerk of a town or city are authorized and directed to satisfy the lien by a deed or release, or by marginal entry upon the deed records where the lien may be recorded.Acts 1923, No. 322, § 4; Pope's Dig., § 7393; A.S.A. 1947, § 19-3909.
Arkansas Legal Code