Sale of property; partition of land
Sec. 10. (a) The trustee, as soon as possible after an appraisement
is filed, shall collect the rights and credits of the assignor. Except for
property set off by the assignor as exempt, the trustee shall sell at
public auction the appraised property after giving thirty (30) days
notice of the time and place of sale:
(1) by publication in a newspaper printed and published in the
county; or
(2) if a newspaper is not printed and published in the county, by
posting written or printed notices in at least five (5) of the most
public places in the county.
(b) The trustee shall sell the appraised property to the highest
bidder for cash, or upon credit, the trustee taking notes with security
to be approved by the trustee, waiving relief from valuation or
appraisement laws, payable not more than twelve (12) months after
the date, with interest.
(c) The trustee must make a full return, under oath, of the sale to
the clerk of the circuit court. The clerk shall file the return with the
other papers in the case. However, a court may, upon the sworn
petition of the trustee, a creditor, or the assignor, for good cause
shown, extend the time for selling the property, or any part of the
property, for as much time as the court determines will serve the best
interests of the creditors. The court may extend the credit on sales for
not more than two (2) years.
(d) The court may, upon the sworn petition of the trustee or of a
majority of the creditors showing that the property may deteriorate
in value by delay or that it will be beneficial to the creditors to have
an early sale order the property sold upon notice of the time, place,
and terms of sale, and in a manner the court determines is best.
(e) The court may authorize the property sold at private sale at not
less than its appraised value if it is shown that a private sale would
be beneficial to the creditors of the assignor. The court shall
supervise the estate of the assignor and may make all necessary
orders in the interest of the creditors for its control and management
by the trustee before the sale. In the interest of all parties, the court
may upon petition of the assignee, if the wife of the assignor is a
party to the petition, order partition of the land of the assignor,
before sale, between the assignee and wife of the assignor. The court
shall set off to the wife her inchoate one-third (1/3) in the land before
sale. If the court finds that the land cannot be partitioned without
detriment to the interest of the creditors of the assignor, the court
may make an order directing the sale of all the land conveyed to the
assignee by the assignor, including the wife's one-third (1/3) inchoate
interest. The one-third (1/3) of the money for which the land is sold
shall be paid to the wife of the assignor when collected. The assignee
shall, after sale, compel the trustee to report the money in the
trustee's hands for distribution, and shall compel the money to be
paid into court for distribution if the assets are shown to be sufficient
to pay a ten percent (10%) dividend upon the indebtedness. The
distribution may be ordered from time to time when, on application
of any person interested, it is shown to the court that there is
sufficient funds in the hands of the trustee to pay the dividend of ten
percent (10%).
As added by P.L.2-2002, SEC.3.
Last modified: May 24, 2006