9-1116. Obtaining funds to pay expenses
A. If the money paid to the trustee for the purchase of lots is insufficient to pay expenses, he shall sell at public auction so many of the remaining lots, the title to which remains in the trustee and against which no claim or contest is pending, as is necessary to raise the amount required. The trustee shall first give such notice of the sale as the sheriff gives upon the sale of real property on execution. The lots shall be sold separately, no lot shall be sold for less than ten dollars, and the lots shall not exceed seven thousand square feet.
B. If sufficient money is not raised, the trustee shall make an assessment and levy a tax upon all the lots the title to which does not remain in the trustee, according to the value of the lots and the improvements thereon, and the assessment and tax shall be a lien upon the lots so assessed until paid, and may be recovered by the trustee in a civil action.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal insurance products you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with access to legal services through a network of provider law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our provider law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your provider law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal insurance products, and access to the LegalFix network of provider law firms are subject to the LegalFix Terms of Service and Privacy Policy.
