The directors of an association may, at any time before an actual sale of property on a foreclosure proceeding previously instituted by the association, reinstate a loan and any savings account securing the same. The effect of such reinstatement shall be to place the association, the borrower, and any other interested person in the same legal position as if no action had been taken, looking to such foreclosure.Laws, 1977, ch. 445, § 50; reenacted, Laws, 1982, ch. 301, § 85; Laws, 1990 Ex Sess, ch. 52, § 86; Laws, 1993, ch. 441, § 86; Laws, 1994, ch. 622, § 118; reenacted without change, Laws, 1997, ch. 496, § 83; reenacted without change, Laws, 2001, ch. 488, § 85, eff. 7/1/2001.
Mississippi Legal Code