§ 29-1-15-13 — Court order; description of property; sequence of parcels; private sale, public auction; terms

The order shall describe the property to be
sold, mortgaged or leased and may designate the sequence in which the
several parcels shall be sold, mortgaged or leased. An order for sale
shall direct whether the property shall be sold at private sale or public
auction, and, if the latter, the place or places of sale. If real property is
to be sold at private sale it shall direct that the same shall not be sold
for less than the fair market value, or if at public sale for not less than
two-thirds (2/3) of the fair market value; or if real property is to be
leased, it shall direct that the same shall not be leased for less than the
fair market rental value. An order of sale shall direct whether the sale
shall be for cash or for cash and deferred payments, and the terms on
which such deferred payments are to be made. If real property is to be
mortgaged, it shall fix the maximum amount of principal, the maximum
rate of interest, the earliest and latest date of maturity, and shall direct
the purpose for which the proceeds Shall be used. An order for sale,
mortgage or lease shall remain in force until terminated by the court,
but no sale or lease shall be made after one (1) year from the date of the
order unless the real property or rental value thereof shall have been
reappraised under order of the court within three (3) months preceding
the sale or lease.
Formerly: Acts 1953, c.112, s.1513; Acts 1975, P.L.288,
SEC.30.