Sheriff's sale; manner of sale; engagement of auctioneer
Sec. 4. (a) A sheriff shall offer to sell and sell property on
foreclosure in a manner that is reasonably likely to bring the highest
net proceeds from the sale after deducting the expenses of the offer
and sale.
(b) Upon prior petition of the debtor or any creditor involved in
the foreclosure proceedings, the court in its order of foreclosure shall
order the property sold by the sheriff through the services of an
auctioneer requested by the petitioner and approved by the court if:
(1) the court determines that a sale is economically feasible; or
(2) all the creditors in the proceedings agree to both that method
of sale and the compensation to be paid the auctioneer.
(c) The sheriff shall engage the auctioneer not later than fourteen
(14) calendar days after the date of the order entered by the court
under subsection (b). The auctioneer shall schedule the auction and
conduct the auctioneer's activities as appropriate to bring the highest
bid for the property on foreclosure. The advertising conducted by the
auctioneer is in addition to any other notice required by law.
(d) The auctioneer's fee must be a reasonable amount stated in the
court's order. However, if the sale by use of an auctioneer has not
been agreed to by the creditors in the proceedings and the sale price
is less than the amount of the judgment and the costs and expenses
necessary to the satisfaction of the judgment, the auctioneer is
entitled only to the auctioneer's advertising expenses plus one
hundred dollars ($100). The amount due the auctioneer on account
of the auctioneer's expenses and fee, if any, shall be paid as a cost of
the sale from its proceeds before the payment of any other payment
from the sale.
As added by P.L.2-2002, SEC.14. Amended by P.L.167-2005, SEC.1.
Last modified: May 24, 2006