Section 18-50-116 - Miscellaneous provisions(a) The procedures in this chapter for the foreclosure of a mortgage or deed of trust shall not impair or otherwise affect the right to bring a judicial action to foreclose a mortgage or deed of trust.(b) A notice of default and intention to sell shall be filed within the time the foreclosure of the mortgage or deed of trust by judicial action could have commenced.(c)(1) The procedures in this chapter shall apply only if the mortgagee or beneficiary is a mortgage company as defined in § 18-50-101 or is a bank or savings and loan.(2) This chapter shall not apply to a mortgage or a deed of trust encumbering trust property used primarily for agricultural purposes.(d) Nothing in this chapter shall be construed to:(1) Create an implied right of redemption in favor of any person; or(2)(A) Impair the right of any person or entity to assert his or her legal and equitable rights in a court of competent jurisdiction.(B) However, a claim or defense shall be asserted prior to the sale or the claim or defense is forever barred and terminated, except the mortgagor may assert the following against either the mortgagee or trustee:(i) Fraud by any party; or(ii) Failure to strictly comply with the provisions of this chapter.(C) Any of the above claims or defenses may not be asserted against a subsequent purchaser for value of the property.(D) Any claims or defenses for a violation of subdivision (d)(2)(B)(ii) of this section shall be asserted within thirty (30) days of the foreclosure sale to ensure the finality of sales that substantially comply with this chapter.(e)(1) At any time prior to the delivery of the trustee's or mortgagee's deed, the trustee or mortgagee may set aside a sale conducted pursuant to this chapter by declaring the sale null and void and returning the purchase price to the highest bidder without any further liability to the bidder.(2) In this event, the trustee or mortgagee shall file an affidavit declaring the sale null and void with the recorder of the county in which the trust property is located, and all terms and provisions of the mortgage or deed of trust shall be revived and reinstated as if no sale had occurred.Amended by Act 2021, No. 1108,§ 2, eff. retroactively to March 31, 2011.Acts 1987, No. 53, § 16; 1989, No. 532, § 4; 1999, No. 983, §§ 11, 12; 2007, No. 721, § 1; 2009, No. 482, § 12.