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This entry was published on 2014-09-22
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SECTION 152
Conditions of sale
State Finance (STF) CHAPTER 56, ARTICLE 10
§ 152. Conditions of sale. At a sale under such foreclosure the
comptroller shall require the purchaser to pay, at the time of the sale,
the costs and expenses thereof, and at least one-fourth of the amount so
unpaid; and for securing the remainder of the moneys due the state, on
the execution of a deed or of the affidavits of sale to the purchaser,
he may accept from the purchaser a bond and mortgage to the state on the
premises sold, payable in six equal annual instalments, with annual
interest at six per centum. If the mortgaged premises sell for a greater
sum than the amount so unpaid and the costs and expenses of the sale,
the comptroller shall also require the purchaser at the time of the sale
to make payment of such surplus. The expense incurred by the
attorney-general in any action or proceeding for the foreclosure of any
such mortgage, shall be paid to him out of the treasury.