12-1624. Liability of bidder for failure to
pay; resale and recovery of loss and costs
If the purchaser at the sale under execution does not pay the full bid price and
statutory fees within five working days after the sale, the officer shall immediately
offer the property to the second highest bidder who may, at his option, purchase the
property at his bid. If the second highest bidder does not pay the full bid price, as
bid by that bidder, and statutory fees within five working days after the property has
been offered to him by the officer, or if there is no second bidder, the property may be
resold by a new execution sale. If the second highest bidder elects not to purchase the
property, or if there is no second bidder, the original purchaser shall be liable to any
person who suffers loss or expenses, including attorney's fees, occasioned by his failure
to pay the bid price. The five day deadline set forth herein may be extended if agreed
upon in writing by the officer conducting the sale.
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