Indiana Code 32-18-3-2. Resale of property; liability for amount above bid at previous sale
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Terms Used In Indiana Code 32-18-3-2
- Prosecute: To charge someone with a crime. A prosecutor tries a criminal case on behalf of the government.
- Trustee: A person or institution holding and administering property in trust.
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.
[Pre-2002 Recodification Citation: 32-12-3-1 part.]
As added by P.L.2-2002, SEC.3.