2015 Indiana Code TITLE 32. PROPERTY ARTICLE 18. INTERESTS OF CREDITORS IN PROPERTY CHAPTER 3. RESALE OF INSOLVENT DEBTORS' REAL ESTATE
Download as PDF
IC 32-18-3
Chapter 3. Resale of Insolvent Debtors' Real Estate
IC 32-18-3-1
Sale of real estate by receiver, assignee, or trustee under
IC 32-18-1; filing bond to secure sale
Sec. 1. In a sale of real estate by:
(1) a receiver; or
(2) an assignee or trustee under IC 32-18-1;
a person may, before the confirmation of the sale by the proper court,
file with the clerk of the court, or in open court, a bond in the sum
sufficient to secure the sale. The surety for the bond must be
approved by the clerk or the court.
As added by P.L.2-2002, SEC.3.
IC 32-18-3-2
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.
Indiana Code 2015
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
