§ 32-29-7-4 — Sheriff's sale; manner of sale; engagement of auctioneer

(a) A sheriff shall offer to sell and sell property
on foreclosure in a manner that is reasonably likely to bring the highest
net proceeds from the sale after deducting the expenses of the offer and
sale.
(b) Upon prior petition of the debtor or any creditor involved in the
foreclosure proceedings, the court in its order of foreclosure shall order
the property sold by the sheriff through the services of an auctioneer
requested by the petitioner and approved by the court if:
(1) the court determines that a sale is economically feasible; or
(2) all the creditors in the proceedings agree to both that method
of sale and the compensation to be paid the auctioneer.
(c) The sheriff shall engage the auctioneer not later than fourteen
(14) calendar days after the date of the order entered by the court under
subsection (b). The auctioneer shall schedule the auction and conduct
the auctioneer's activities as appropriate to bring the highest bid for the
property on foreclosure. The advertising conducted by the auctioneer
is in addition to any other notice required by law.
(d) The auctioneer's fee must be a reasonable amount stated in the
court's order. However, if the sale by use of an auctioneer has not been
agreed to by the creditors in the proceedings and the sale price is less
than the amount of the judgment and the costs and expenses necessary
to the satisfaction of the judgment, the auctioneer is entitled only to the
auctioneer's advertising expenses plus one hundred dollars ($100). The
amount due the auctioneer on account of the auctioneer's expenses and
fee, if any, shall be paid as a cost of the sale from its proceeds before
the payment of any other payment from the sale.
[Pre-2002 Recodification Citation: 32-8-16-1.3 part.]

Legislative History

As added by P.L.2-2002, SEC.14. Amended by P.L.167-2005, SEC.1.