§ 1354 — Distribution of proceeds of sale

§ 1354. Distribution of proceeds of sale. 1. The officer conducting\nthe sale shall pay, out of the proceeds, unless otherwise directed, the\nexpenses of the sale, and pay to the plaintiff, or his attorney, the\namount of the debt, interest and costs, or so much as the proceeds will\npay and take the receipt of the plaintiff, or his attorney, for the\namount so paid, and file the same with his report of sale.\n 2. The officer conducting the sale shall pay out of the proceeds all\ntaxes, assessments, and water rates which are liens upon the property\nsold, and redeem the property sold from any sales for unpaid taxes,\nassessments or water rates which have not apparently become absolute. In\nany city having a population of three hundred thousand or more or any\ncity having a population between one hundred twenty-five thousand and\none hundred seventy-five thousand, such officer shall pay out of the\nproceeds any liens or incumbrances placed by a city agency upon the real\nproperty which have priority over the foreclosed mortgage. The sums\nnecessary to make those payments and redemptions are deemed expenses of\nthe sale. The provisions of this subdivision shall not apply to any\njudgment in an action wherein any municipal corporation of this state is\nthe plaintiff and the purchaser at the foreclosure sale thereunder.\n 3. The officer conducting the sale after fully complying with the\nprovisions of subdivisions one and two of this section and if the\njudgment of sale has so directed shall pay to the holder of any\nsubordinate mortgage or his attorney from the then remaining proceeds\nthe amount then due on such subordinate mortgage, or so much as the then\nremaining proceeds will pay and take the receipt of the holder, or his\nattorney for the amount so paid, and file the same with his report of\nsale.\n 4. All surplus moneys arising from the sale shall be paid into court\nby the officer conducting the sale within five days after the same shall\nbe received.\n