§ 123. Preserving existing rights. Nothing in this act shall be deemed to prevent any bondholder or committee of bondholders from bidding at the foreclosure sale and in case he or they should be a successful bidder, from applying upon the purchase price the bonds held by him or them at the amount distributable thereon and reorganizing the property so purchased in any manner which was lawful prior to the enactment of this act, nor to impair any previously existing right of a trustee so to purchase and pay for the property, or to preclude any trustee which shall have purchased such property from submitting to the court a plan for its reorganization. The court may provide for the qualification of bidders other than the trustee by requiring them to deposit with the officer conducting the sale in advance of bidding up to ten per centum of the amount of their bid in cash or in bonds taken at the principal amount thereof. In any action now or hereafter pending for the foreclosure of any such mortgage or indenture, the property shall, on application of the trustee, be sold subject to the lien of any taxes, assessments and water rates, any prior lien, or to any liens which may thereafter be established, which are the subject of litigation pending at the time of the sale, provided a brief statement thereof is contained in the notice of sale.
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.
