2007 California Probate Code Article 7. Vacating Sale For Purchaser\'s Default; Liability Of Defaulting Purchaser For Damages

CA Codes (prob:10350-10351)

10350.  (a) If after court confirmation of sale of real or personal
property the purchaser fails to comply with the terms of sale, the
court may, on petition of the personal representative, vacate the
order of confirmation, order a resale of the property, and award
damages to the estate against the purchaser.
   (b) Notice of the hearing on the petition shall be given as
provided in Section 1220 to the persons designated by that section
and the notice and a copy of the petition shall be given to the
buyers and brokers named in the order confirming sale, except that
notice need not be given to a defaulting purchaser whose written
consent to the petition is filed with the court before the hearing.
   (c) Notice of the resale of the property shall be given as
provided in this chapter for a sale of the property in the first
instance.
   (d) Proceedings after notice of the resale shall be as provided in
this chapter for a sale of the property in the first instance.
   (e) If the property is resold, the defaulting purchaser is liable
to the estate for damages equal to the sum of the following:
   (1) The difference between the contract price of the first sale
and the amount paid by the purchaser at the resale.
   (2) Expenses made necessary by the purchaser's breach.
   (3) Other consequential damages.



10351.  (a) The court may vacate the order of confirmation of a sale
of real or personal property and make an order confirming the sale
to the new high bidder if both of the following requirements are
satisfied:
   (1) A petition is filed within 60 days after confirmation of the
sale showing  that (A) the purchaser at the sale has failed to
complete the purchase and (B) a bid has been made for the property in
the same or a higher amount, on the same or better terms, and in the
manner prescribed in the original notice of sale.
   (2) The sale has not been vacated pursuant to Section 10350.
   (b) Notice of the hearing on the petition shall be given as
provided in Section 1220 to the persons designated by that section
and the notice and a copy of the petition shall be given to the
buyers and brokers named in the order confirming sale, except that
notice need not be given to a defaulting purchaser whose written
consent to the vacation of the order confirming the sale is filed
with the court prior to the hearing.
   (c) If the report and petition for confirmation of the second sale
are not filed within 60 days of the confirmation of the first sale,
the property may be resold only in the manner provided in Section
10350.