§ 61.12.150. Sale of whole property -- Disposition of proceeds
If the mortgaged premises cannot be sold in parcels, the court shall order the whole to be sold, and the proceeds of the sale shall be applied first to the payment of the principal due, interest and costs, and then to the residue secured by the mortgage and not due; and if the residue does not bear interest, a deduction shall be made therefrom by discounting the legal interest; and in all cases where the proceeds of the sale shall be more than sufficient to pay the amount due and costs, the surplus shall be paid to the mortgage debtor, his heirs and assigns.
[Code 1881 § 617; 1877 p 128 § 621; 1869 p 147 § 571; 1854 p 208 § 416; RRS § 1128.]
Sections: Previous 61.12.060 61.12.061 61.12.070 61.12.080 61.12.090 61.12.093 61.12.094 61.12.095 61.12.100 61.12.110 61.12.120 61.12.130 61.12.140 61.12.150 61.12.170 NextLast modified: April 7, 2009