§ 128. Minimum bid of trustee at sale on foreclosure to be fixed by court. Notwithstanding any inconsistent provision of law, on application for judgment of foreclosure and sale in an action brought to foreclose a trust indenture, deed of trust or mortgage upon real property, except where a plan of reorganization shall have been consented to by one hundred per centum of all the bondholders or where a minimum and maximum sum at which the trustee shall bid for the property has been set forth in a plan of reorganization and approved by the court in a proceeding for the reorganization of the property covered by trust indenture under sections one hundred and twenty-one and one hundred and twenty-two of this chapter, the court shall determine what is a fair upset price below which the property shall not be sold and the judgment directing the foreclosure and sale shall fix the minimum price which the trustee or his agent or nominee shall bid for the property.
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.
