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This entry was published on 2014-09-22
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Minimum bid of trustee at sale on foreclosure to be fixed by court
Real Property (RPP) CHAPTER 50, ARTICLE 4-A
§ 128. Minimum bid of trustee at sale on foreclosure to be fixed by
court. Notwithstanding any inconsistent provision of law, on application
for judgment of foreclosure and sale in an action brought to foreclose a
trust indenture, deed of trust or mortgage upon real property, except
where a plan of reorganization shall have been consented to by one
hundred per centum of all the bondholders or where a minimum and maximum
sum at which the trustee shall bid for the property has been set forth
in a plan of reorganization and approved by the court in a proceeding
for the reorganization of the property covered by trust indenture under
sections one hundred and twenty-one and one hundred and twenty-two of
this chapter, the court shall determine what is a fair upset price below
which the property shall not be sold and the judgment directing the
foreclosure and sale shall fix the minimum price which the trustee or
his agent or nominee shall bid for the property.