Utah Code 78B-6-1278. Open-market sale, sealed bids, or auction
Current as of: 2023 | Check for updates
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78B-6-1278. Open-market sale, sealed bids, or auction.
(1) | If the court orders a sale of heirs’ property, the sale must be an open-market sale unless the court finds that a sale by sealed bids or an auction would be more economically advantageous and in the best interest of the cotenants as a group. |
(a) | determining the fair market value of heirs' property under Section 78B-6-1274 or 78B-6-1278; or |
(b) | adopting the valuation of the property agreed to by all the cotenants. See Utah Code 78B-6-1270 | ||||||
(2) |
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(3) | If the broker appointed under Subsection (2) obtains within a reasonable time an offer to purchase the property for at least the determination of value:
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(5) |
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(6) | If a purchaser is entitled to a share of the proceeds of the sale, the purchaser is entitled to a credit against the price in an amount equal to the purchaser’s share of the proceeds. |
Enacted by Chapter 304, 2022 General Session