Sec. 356.405. FAILURE OF BIDDER TO COMPLY. (a) If a person bids off real estate of the estate offered at public auction and fails to comply with the terms of the bid, the property shall be readvertised and auctioned without any further order.
(b) The person defaulting on a bid as described by Subsection (a) is liable for payment to the personal representative of the estate, for the estate's benefit, of:
(1) 10 percent of the amount of the bid; and
(2) the amount of any deficiency in price on the second auction.
(c) The personal representative may recover the amounts under Subsection (b) by suit in any court in the county in which the auction was made that has jurisdiction of the amount claimed.
Added by Acts 2009, 81st Leg., R.S., Ch. 680 (H.B. 2502), Sec. 1, eff. January 1, 2014.
Amended by:
Acts 2019, 86th Leg., R.S., Ch. 1141 (H.B. 2782), Sec. 30, eff. September 1, 2019.
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