Resale of property; liability for amount above bid at previous sale
Sec. 2. If on resale of the real estate, or any part of the real estate,
the real estate sells for ten percent (10%) more than the amount bid
at the previous sale, the court may not confirm the sale but order the
real estate resold. If on resale the additional sum is not realized, the
person posting the bond is liable for the difference. It is the duty of
the receiver, assignee, or trustee to institute and prosecute the suit,
which is for the use and benefit of the trust.
As added by P.L.2-2002, SEC.3.
Last modified: May 24, 2006