44-14-161
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44-14-161.
(a)
When any real estate is sold on foreclosure, without legal process, and under
powers contained in security deeds, mortgages, or other lien contracts and at
the sale the real estate does not bring the amount of the debt secured by the
deed, mortgage, or contract, no action may be taken to obtain a deficiency
judgment unless the person instituting the foreclosure proceedings shall, within
30 days after the sale, report the sale to the judge of the superior court of
the county in which the land is located for confirmation and approval and shall
obtain an order of confirmation and approval thereon.
(b)
The court shall require evidence to show the true market value of the property
sold under the powers and shall not confirm the sale unless it is satisfied that
the property so sold brought its true market value on such foreclosure sale.
(c)
The court shall direct that a notice of the hearing shall be given to the debtor
at least five days prior thereto; and at the hearing the court shall also pass
upon the legality of the notice, advertisement, and regularity of the sale. The
court may order a resale of the property for good cause shown.