Indiana Code 32-29-7-2. “Economically feasible”
Current as of: 2023 | Check for updates
|
Other versions
Sec. 2. For the purposes of section 4(b) of this chapter, the sale of property by the sheriff through the services of an auctioneer is “economically feasible” if the court determines that:
(2) the reasonable probability would not exist without the use of an auctioneer.
(1) a reasonable probability exists that, with the use of the services of an auctioneer, a valid and enforceable bid will be made at a foreclosure for a sale price equal to or greater than the amount of the judgment and the costs and expenses necessary to its satisfaction, including the costs of the auctioneer; and
Terms Used In Indiana Code 32-29-7-2
- auctioneer: means an auctioneer licensed under Indiana Code 32-29-7-1
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Sheriff: means the sheriff of the county or another person authorized to perform sheriff's duties. See Indiana Code 1-1-4-5
[Pre-2002 Recodification Citation: 32-8-16-1.3 part.]
As added by P.L.2-2002, SEC.14.