Current as of: 2009 B. In no event shall the claim of any such person exceed the value of the interest he possessed on the date of the sheriff's adjudication. A. The failure to notify any lienholder or other interested person having an interest in the property shall not affect the rights of the seizing creditor nor invalidate the sheriff's sale; nor shall any lien, privilege, or other encumbrance that is inferior to the rank of the lien of the seizing creditor affect the property after the sheriff's adjudication. The exclusive remedy for any person affected by the provisions of this Subsection shall be to institute a claim by summary pleadings, within one year from the date of the sheriff's adjudication, proving that he has been damaged by the failure to notify him. In connection with any such claim, the court shall consider and the person claiming damages shall have the burden of proving all of the following: (1) That his name and address were reasonably ascertainable through the exercise of reasonable diligence. (2) That he lacked actual knowledge of the seizure. (3) The respective ranking and amounts of all liens, privileges, and other encumbrances affecting the property as of the date of the sheriff's adjudication. (4) The value of such respective rights. (5) The value of the property as of the date of the sheriff's adjudication. (6) The respective positions the parties would have occupied had the required notice been given. (7) His ability and capacity to have obtained funds to purchase the property at the foreclosure sale had the required notice been given. (8) That in such circumstances he would have bid on the property in such an amount as to have prevented him from suffering the alleged damages, either by such bid being successful or by such bid leading to a higher bid by another party. C. The provisions of this Section shall be applied both retrospectively and prospectively; however, any action for which the time period for bringing such action would otherwise be shortened by the provisions hereof shall be instituted within one year from July 17, 1991, and any suit not instituted within that time and any claims relating thereto shall be forever barred. Acts 1991, No. 662, ยง3, eff. July 17, 1991. Prev | Next________________________________________________________________________
See also: U.S. Code Provisions: ForfeitureFederal Regulations: Forfeiture
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