Indiana Code 32-30-10-2. “Economically feasible”; required findings
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Sec. 2. For purposes of section 9 of this chapter, the sale of a property 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 32-30-10-2
- auctioneer: means an auctioneer licensed under Indiana Code 32-30-10-1
- 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
[Pre-2002 Recodification Citation: 32-15-6-6.5 part.]
As added by P.L.2-2002, SEC.15.