Ohio Code 4971.13 – Mortgaged property may be sold without appraisement
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Railroads and other property mortgaged by a reorganized railroad company, if the court deems it expedient, may be sold without appraisement, at judicial sales under judgments upon such mortgage but the court shall fix a minimum sum below which no sale shall be made. To fix that amount, the court may refer the subject to a master with instructions to take testimony and report the sum.
Terms Used In Ohio Code 4971.13
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: means real and personal property. See Ohio Code 1.59
- Testimony: Evidence presented orally by witnesses during trials or before grand juries.