§ 34-4-113 — Payment of proceeds

Wyoming § 34-4-113

• Jurisdiction: Wyoming
• Title 34: Property, Conveyances and Security Transactions
• Ch. 4: FORECLOSURE OF MORTGAGES AND POWER OF SALE

Text

(a) After any sale of real estate made as herein
prescribed, proceeds from the sale shall be paid over by the
officer or other person making the sale in the following order:
(i) Payment of the reasonable expenses of collection
and enforcement and, to the extent provided by law, reasonable
attorney's fees and legal expenses incurred by the foreclosing
mortgagee;
(ii) The satisfaction of obligations secured by the
mortgage being foreclosed;
(iii) The satisfaction of obligations secured by any
subordinate or junior mortgage or other lien on the real estate
sold at the foreclosure sale; and
(iv) Surplus proceeds on demand to the mortgagor, his
legal representatives or assigns, and if no demand is made, then
the foreclosing mortgagee, officer or other person making sale
may retain the surplus proceeds for disposition to the mortgagor
or may dispose of the surplus proceeds in accordance with W.S.
34-24-101 et seq.
(b) If the foreclosing mortgagee receives a demand for the
proceeds accompanied by the materials required by W.S.
1-18-104(c) and signed by the holder of a subordinate or junior
mortgage or other lien within thirty (30) days after the results
of the sale are served in accordance with W.S. 34-4-104,
proceeds remaining after distribution under paragraphs (a)(i)
and (ii) of this section shall be paid over by the officer or
other person making the sale as agreed upon by all parties in
interest, or by court order, to the subordinate mortgagees or
lienholders in accordance with their priority and to the extent
of their interest.
(c) Subject to the other provisions of this section, a
mortgagee shall account to and pay a mortgagor for any surplus,
and the mortgagor is liable for any deficiency.