Court order; description of property; sequence of parcels; private
sale, public auction; terms
Sec. 13. The order shall describe the property to be sold,
mortgaged or leased and may designate the sequence in which the
several parcels shall be sold, mortgaged or leased. An order for sale
shall direct whether the property shall be sold at private sale or
public auction, and, if the latter, the place or places of sale. If real
property is to be sold at private sale it shall direct that the same shall
not be sold for less than the fair market value, or if at public sale for
not less than two-thirds (2/3) of the fair market value; or if real
property is to be leased, it shall direct that the same shall not be
leased for less than the fair market rental value. An order of sale shall
direct whether the sale shall be for cash or for cash and deferred
payments, and the terms on which such deferred payments are to be
made. If real property is to be mortgaged, it shall fix the maximum
amount of principal, the maximum rate of interest, the earliest and
latest date of maturity, and shall direct the purpose for which the
proceeds Shall be used. An order for sale, mortgage or lease shall
remain in force until terminated by the court, but no sale or lease
shall be made after one (1) year from the date of the order unless the
real property or rental value thereof shall have been reappraised
under order of the court within three (3) months preceding the sale
or lease.
(Formerly: Acts 1953, c.112, s.1513; Acts 1975, P.L.288, SEC.30.)
Last modified: May 27, 2006