§4360. Resale if required payment not made; resale if adjudicatee fails to pay balance
A.If the terms of the sale provide for the full payment of the adjudication price at
the moment of the adjudication, or if the terms provide for a deposit, and the purchaser fails
to make the full payment or deposit, the seizing creditor may direct the officer conducting
the sale either to reoffer the property immediately or to readvertise the property for sale as
provided in Subsection D of this Section. If the property is reoffered for sale immediately,
the first purchaser is relieved of any liability. This Subsection does not apply to a sale
conducted by online auction in accordance with Code of Civil Procedure Article 2344.
B.In the case of a sale conducted by online auction in accordance with Code
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§4360. Resale if required payment not made; resale if adjudicatee fails to pay balance
A. If the terms of the sale provide for the full payment of the adjudication price at
the moment of the adjudication, or if the terms provide for a deposit, and the purchaser fails
to make the full payment or deposit, the seizing creditor may direct the officer conducting
the sale either to reoffer the property immediately or to readvertise the property for sale as
provided in Subsection D of this Section. If the property is reoffered for sale immediately,
the first purchaser is relieved of any liability. This Subsection does not apply to a sale
conducted by online auction in accordance with Code of Civil Procedure Article 2344.
B. In the case of a sale conducted by online auction in accordance with Code of Civil
Procedure Article 2344, the purchaser shall pay the adjudication price, and the deposit if the
terms of the sale provide for a deposit, by 4:30 p.m. on the first day following the sale
exclusive of legal holidays as provided in R.S. 1:55(E)(3). If the purchaser fails to do so, the
seizing creditor may direct the officer conducting the sale either to adjudicate the property
to the bidder who submitted the second highest bid at the online auction, if that bidder is still
willing to purchase the property for the amount of his bid, or to readvertise the property for
sale as provided in Subsection D of this Section. If the property is adjudicated to the second
highest bidder, the first purchaser is relieved of any liability.
C. If the purchaser makes the deposit required by the terms of the sale and fails to
pay the entire purchase price within thirty days after the adjudication, on demand of any
interested party, the officer conducting the sale shall readvertise the property for sale as
provided in Subsection D of this Section.
D.(1) When the property is readvertised, it shall be in the manner required by law for
the advertisement of the original sale, and the second sale is at the risk and for the account
of the first purchaser. Should there be a loss because of the second sale, the first purchaser
is liable for the loss; but should the property bring a higher price at the second sale, the first
purchaser has no right to the increase.
(2) The first purchaser shall not bid at a second sale.