Sheriff prohibited from purchasing real estate at sheriff's sale;
default of purchaser
Sec. 9. (a) A sheriff or an agent of the sheriff making a
foreclosure sale under this chapter may not directly or indirectly
purchase property sold by the sheriff or the sheriff's agent. If the
purchaser of property sold on foreclosure fails to immediately pay
the purchase money, the sheriff shall resell the property either on the
same day without advertisement or on a subsequent day after again
advertising in accordance with this chapter, as the judgment creditor
directs. If the amount bid at the second sale does not equal the
amount bid at the first sale, including the costs of the second sale, the
first purchaser shall be liable for:
(1) the deficiency;
(2) damages not exceeding ten percent (10%); and
(3) interest and costs;
all of which may be recovered in a court of proper jurisdiction by the
sheriff.
(b) If the property is sold, the sheriff shall pay the proceeds as
provided in IC 32-30-10-14. Every sale made under this chapter must
be without relief from valuation or appraisement laws and without
any right of redemption.
As added by P.L.2-2002, SEC.14.
Last modified: May 24, 2006