§ 55-61. Sales under deeds of trust which contain no maturity date or provision authorizing sale
When any property, real or personal, is conveyed by deed of trust, whether heretofore or hereafter made, to a trustee, to secure the payment of a debt, money, notes, bonds, stocks or other evidences of debt and there is no date fixed for the maturity thereof and such deed of trust contains no provision authorizing the trustee to make sale of such property, or any part thereof, and the reinvestment of the proceeds of sale in other property subject to the terms of such deed of trust, the circuit and corporation courts, or such court having jurisdiction of the subject matter, upon a bill filed by any one or more of the lien debtors, in which bill all persons interested in such lien and all holders of the evidences of debt secured by the deed of trust thereon, and all other necessary or proper parties, except the plaintiffs, shall be made defendants, may decree a sale of such property, or any part thereof, and may invest the proceeds of sale under decree of court subject to the terms of the deed of trust; provided, that the bill of complaint shall set forth facts which will justify the sale of the property, to be verified by the affidavit of at least one of the plaintiffs; provided, further, that no decree shall be made authorizing such sale unless it shall be shown to the satisfaction of the court that the interests of the lien debtor or debtors will be promoted and the interests of no person or persons holding the evidences of debt secured by the deed of trust will be violated thereby; provided, further, that the plaintiff or the party for whose benefit the suit is brought shall bear the cost.
(1932, p. 77; Michie Code 1942, § 5167a.)
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