60-2414.Redemption of real property.(a) Right of redemption by defendant owner. Except as stated in subsection(m) and as otherwise provided by law, the defendantowner mayredeem any real property sold under execution, special execution ororder of sale, at any time within 12 months from the day ofsale, for the amount paid by the current holder of the certificateof purchase, including expenses incurred by the holder of the certificate ofpurchase in accordance with subsection (d),together with interest at the rate provided for in subsection (e)(1) ofK.S.A. 16-204, and amendments thereto, costs and taxes to the date ofredemption. Thedefendant owner in the meantime shall be entitled tothe possession of the property. If the court finds after hearing, eitherbefore or after sale, upon not less than 21 days' notice to all parties,that theproperty has been abandoned, or is not occupied in good faith,the period ofredemption for the defendant owner may be shortened or extinguished by thecourt. The right of redemption shall not apply to oil and gas leaseholds.Except for mortgages covering agricultural lands or single or two-familydwellings owned by or held in trust for natural persons, the mortgagor mayagree in the mortgage instrument to a shorter period ofredemption than 12 months or may wholly waive the period of redemption.
(b) Redemption by lien creditor. Except as provided in subsection(m),for the first three months of theredemption period, if any, the right of the defendantowner or successors and assigns to redeem isexclusive. If no redemption is made by the defendant owner during the time inwhich the defendant owner has theexclusive right to redeem, any creditor referred to in subsection (c) mayredeemthe property during the balance of the redemption period remaining. If thedefendant owner has waived the right of redemption, a creditor shall have aright to redeem the property for a period of three months from the date of thejudicial sale. If the defendant owner has agreed to aperiod of redemption of three months or less, a creditor shall have a right toredeem for a period of three months from the date of expiration of thedefendant owner's redemption period. If the court shortens or extinguishes theperiod of redemption because of abandonment or lack of good faith occupation asprovided in subsection (a), the court shall specify in the order a time not toexceed three months during which a creditor may redeem.The firstcreditor redeeming must pay onlythe amount of the successful sale bid, the expenses incurred bythe holder of the certificate in accordance with subsection (d), togetherwith interest at the rate provided for in subsection (e)(1) of K.S.A. 16-204,and amendments thereto, costs and taxes to the dateof redemption.After redemption by a creditor, no further redemption shall be allowed exceptby the defendant owner or such owner's successors and assigns. If a creditorredeems during the period of redemption for the defendant owner, the defendantowner shall have the balance of such period, but in no event less than 10 daysfrom the filing of the affidavit required in subsection (f), to redeem from thecreditor.When thedefendant owner or such owner's successors and assigns redeem subsequent toredemption by a creditor,the defendant owner or such owner's successors and assignsshall pay an amount equal to the redemption amount paid by such creditor,plus the amount required by subsection (f), and expenses incurred by thecreditor in accordance with subsection (d), together with interest at therate provided for in subsection (e)(1) of K.S.A. 16-204, and amendmentsthereto, costs and taxes to the date ofredemption.
(c) Creditors who may redeem. Any creditor whose claim is orbecomes a lien prior to the expiration of the time allowed by law forthe redemption by creditors may redeem. A mortgagee may redeem upon theterms prescribed by this section before or after thedebt secured by the mortgage falls due.
(d) Terms of redemption; rights of parties. During the period allowedfor redemption, the holder of the certificate of purchase or the creditorwho has redeemed may pay thetaxes on the lands sold, insurance premiums on theimprovements thereon, other sums necessary to prevent waste,and interest or sums due, upon any prior lien or encumbranceon the real property. Upon the redemption of the property, the holder of thecertificate or the creditor who hasredeemed shall be entitled torepayment of allsums thus paid, together with interest atthe rate provided for in subsection (e)(1) of K.S.A. 16-204, and amendmentsthereto. All expenses incurred by theholder of the certificate or the creditor who has redeemed shall be as shownby receipts orvouchers filed in the office of the clerk of the district court.
(e) Effect of failure of debtor to redeem; deficiency. Ifthedefendant owner or such owner'ssuccessors or assigns fail to redeem asprovided in this section, the holder of the certificate ofpurchase or the creditor who hasredeemed prior tothe expiration of the redemption periodwill hold the propertyabsolutely. If it is held by a redeeming creditor, thelien and the claim out of which it arose will be held to beextinguished, unless the redeeming creditor is unwillingto hold the property andcredit the defendant owner with the full amount of the redeeming creditor'slien and, at the time of redemption, files with the clerk of the districtcourt a statement of the amount that the redeeming creditoris willing to credit on the claim.If the redeeming creditor files such a statement and the defendant owner orsuch owner's successors and assigns fail to redeem, the creditor's claim shallbe extinguished by the amount in the statement. The sheriff, at the end of theredemption period, shall execute a deed to the current owner of the certificateof purchase or the creditor who has redeemed prior to the expiration of theredemption period.
(f) Mode of redemption. The party redeeming shall pay themoneyinto the office of the clerk of the district court for the use of thepersons entitled to it. The clerkshall give a receipt for the money, stating the purpose for which it ispaid. The clerk shall also enter the transaction on the appearancedocketof the case, showing the amount paid.A redeeming creditor, or agent of the creditor, shall also file an affidavitstating as nearly as practicable the amount still unpaid due on the claim ofthat creditor and any lesser amount the creditor is willing to credit on theclaim in accordance with subsection (e). The creditor's claim, or such lesseramount as the creditor is willing to credit on the claim in accordance withsubsection (e), shall be added to the redemption amount to be paid by thedefendant owner or such owner's successors and assigns.
(g) Redemption of property sold in parcels, or undividedportions.Whenever the property has been sold in parcels, any distinct portionof that property may be redeemed by itself. If a creditor has redeemed, theamount of the creditor's claimor such lesser amount as the creditor is willing to credit on the claim asstated in the affidavit under subsection (f) shall be added to each parcelsold pro rata in proportion to the amount for whichit was originally sold. When the interests of several tenants incommon have been sold on execution the undivided portion of any oreither of them may be redeemed separately.
(h) Transfer of right of redemption. The rights of thedefendant owner in relation to redemption may be assigned ortransferred, and the assignee or transferee shall have thesameright of redemption as the defendant owner. The assignedor transferred right of redemptionshall not be subject to levy or sale on execution.
(i) Holder of legal title. The holder of the legal title atthetime of issuance of execution or order of sale shall have the same rightof redemption upon the same terms and conditions as the defendant inexecution and shall be entitled to the possession of the propertythe same as the defendant in execution.
(j) Injury or waste after sale. After the sheriff makes thedeedto the purchaser or party entitledto a deed under sale as provided in this section,the purchaser or party may assert a claim for damagesagainst any person committing or permitting any injury orwaste upon the property purchased after the sale and beforepossession is delivered under the conveyance.
(k) Second sale not permitted. Real estate once sold uponorderof sale, special execution or general execution shall not again beliable for sale for any balance due upon the judgment or decree underwhich it is sold, or any judgment or lien inferior thereto, including unadjudicated junior liens filed after thepetition is filed in the district court to foreclose the senior lienagainst the real estate.
(l) Injunction or receiver to protect property. The holderofthe certificate of purchase shall be entitled to prevent any waste ordestruction of the premises purchased. For that purpose the court,on proper showing, may issue an injunction or, when required to protectthe premises against waste, appointa receiver who shall hold the premises until the purchaser is entitledto a deed. The receiver may rent, control and manage the premisesbut the income during that time, except the fees and expenses of the receiverand the amountthat is necessary to keep up repairs, prevent waste and pay realestate taxes and insurance premiums,shall go to the person whootherwise would be entitled to possession during the period ofredemption.
(m) Owners reduced redemption period.In the event a default occurs in the conditions of the mortgage or instrumentof the most senior lien foreclosed before 1/3 of the original indebtednesssecured by the mortgage or lien has been paid, the court shall order aredemption period of three months. If, after proper showing, thecourt finds thatthe total outstanding amount of all mortgages or liens is less than 1/3 of themarket value of the property, the court shall order a redemption period of 12months. If the court finds after a hearing with not less than 21 days' noticeto all parties, that the defendant ownerhas involuntarily lost such owner's primary source ofincome after the date of the foreclosure saleand prior to expiration of a three-monthperiod of redemption, the court may extend the three-month period of redemptionan additional three months.If the court orders a redemption period of six months or less, theright ofthe defendant owner or successors and assigns to redeem is exclusive for thefirst two months of the redemption period. This subsectionshall not apply in the eventredemption rights have beenshortened, waived or terminated pursuant to subsection (a).
History: L. 1963, ch. 303, 60-2414; L. 1970, ch. 221, § 1; L. 1972,ch. 225, § 1; L. 1977, ch. 207, § 1; L. 1983, ch. 200, § 2;L. 1992, ch. 320, § 1;L. 1994, ch. 230, § 1; July 1.
60-2414.Redemption of real property.(a) Right of redemption by defendant owner. Except as stated in subsection(m) and as otherwise provided by law, the defendantowner mayredeem any real property sold under execution, special execution ororder of sale, at any time within 12 months from the day ofsale, for the amount paid by the current holder of the certificateof purchase, including expenses incurred by the holder of the certificate ofpurchase in accordance with subsection (d),together with interest at the rate provided for in subsection (e)(1) ofK.S.A. 16-204, and amendments thereto, costs and taxes to the date ofredemption. Thedefendant owner in the meantime shall be entitled tothe possession of the property. If the court finds after hearing, eitherbefore or after sale, upon not less than 21 days' notice to all parties,that theproperty has been abandoned, or is not occupied in good faith,the period ofredemption for the defendant owner may be shortened or extinguished by thecourt. The right of redemption shall not apply to oil and gas leaseholds.Except for mortgages covering agricultural lands or single or two-familydwellings owned by or held in trust for natural persons, the mortgagor mayagree in the mortgage instrument to a shorter period ofredemption than 12 months or may wholly waive the period of redemption.
(b) Redemption by lien creditor. Except as provided in subsection(m),for the first three months of theredemption period, if any, the right of the defendantowner or successors and assigns to redeem isexclusive. If no redemption is made by the defendant owner during the time inwhich the defendant owner has theexclusive right to redeem, any creditor referred to in subsection (c) mayredeemthe property during the balance of the redemption period remaining. If thedefendant owner has waived the right of redemption, a creditor shall have aright to redeem the property for a period of three months from the date of thejudicial sale. If the defendant owner has agreed to aperiod of redemption of three months or less, a creditor shall have a right toredeem for a period of three months from the date of expiration of thedefendant owner's redemption period. If the court shortens or extinguishes theperiod of redemption because of abandonment or lack of good faith occupation asprovided in subsection (a), the court shall specify in the order a time not toexceed three months during which a creditor may redeem.The firstcreditor redeeming must pay onlythe amount of the successful sale bid, the expenses incurred bythe holder of the certificate in accordance with subsection (d), togetherwith interest at the rate provided for in subsection (e)(1) of K.S.A. 16-204,and amendments thereto, costs and taxes to the dateof redemption.After redemption by a creditor, no further redemption shall be allowed exceptby the defendant owner or such owner's successors and assigns. If a creditorredeems during the period of redemption for the defendant owner, the defendantowner shall have the balance of such period, but in no event less than 10 daysfrom the filing of the affidavit required in subsection (f), to redeem from thecreditor.When thedefendant owner or such owner's successors and assigns redeem subsequent toredemption by a creditor,the defendant owner or such owner's successors and assignsshall pay an amount equal to the redemption amount paid by such creditor,plus the amount required by subsection (f), and expenses incurred by thecreditor in accordance with subsection (d), together with interest at therate provided for in subsection (e)(1) of K.S.A. 16-204, and amendmentsthereto, costs and taxes to the date ofredemption.
(c) Creditors who may redeem. Any creditor whose claim is orbecomes a lien prior to the expiration of the time allowed by law forthe redemption by creditors may redeem. A mortgagee may redeem upon theterms prescribed by this section before or after thedebt secured by the mortgage falls due.
(d) Terms of redemption; rights of parties. During the period allowedfor redemption, the holder of the certificate of purchase or the creditorwho has redeemed may pay thetaxes on the lands sold, insurance premiums on theimprovements thereon, other sums necessary to prevent waste,and interest or sums due, upon any prior lien or encumbranceon the real property. Upon the redemption of the property, the holder of thecertificate or the creditor who hasredeemed shall be entitled torepayment of allsums thus paid, together with interest atthe rate provided for in subsection (e)(1) of K.S.A. 16-204, and amendmentsthereto. All expenses incurred by theholder of the certificate or the creditor who has redeemed shall be as shownby receipts orvouchers filed in the office of the clerk of the district court.
(e) Effect of failure of debtor to redeem; deficiency. Ifthedefendant owner or such owner'ssuccessors or assigns fail to redeem asprovided in this section, the holder of the certificate ofpurchase or the creditor who hasredeemed prior tothe expiration of the redemption periodwill hold the propertyabsolutely. If it is held by a redeeming creditor, thelien and the claim out of which it arose will be held to beextinguished, unless the redeeming creditor is unwillingto hold the property andcredit the defendant owner with the full amount of the redeeming creditor'slien and, at the time of redemption, files with the clerk of the districtcourt a statement of the amount that the redeeming creditoris willing to credit on the claim.If the redeeming creditor files such a statement and the defendant owner orsuch owner's successors and assigns fail to redeem, the creditor's claim shallbe extinguished by the amount in the statement. The sheriff, at the end of theredemption period, shall execute a deed to the current owner of the certificateof purchase or the creditor who has redeemed prior to the expiration of theredemption period.
(f) Mode of redemption. The party redeeming shall pay themoneyinto the office of the clerk of the district court for the use of thepersons entitled to it. The clerkshall give a receipt for the money, stating the purpose for which it ispaid. The clerk shall also enter the transaction on the appearancedocketof the case, showing the amount paid.A redeeming creditor, or agent of the creditor, shall also file an affidavitstating as nearly as practicable the amount still unpaid due on the claim ofthat creditor and any lesser amount the creditor is willing to credit on theclaim in accordance with subsection (e). The creditor's claim, or such lesseramount as the creditor is willing to credit on the claim in accordance withsubsection (e), shall be added to the redemption amount to be paid by thedefendant owner or such owner's successors and assigns.
(g) Redemption of property sold in parcels, or undividedportions.Whenever the property has been sold in parcels, any distinct portionof that property may be redeemed by itself. If a creditor has redeemed, theamount of the creditor's claimor such lesser amount as the creditor is willing to credit on the claim asstated in the affidavit under subsection (f) shall be added to each parcelsold pro rata in proportion to the amount for whichit was originally sold. When the interests of several tenants incommon have been sold on execution the undivided portion of any oreither of them may be redeemed separately.
(h) Transfer of right of redemption. The rights of thedefendant owner in relation to redemption may be assigned ortransferred, and the assignee or transferee shall have thesameright of redemption as the defendant owner. The assignedor transferred right of redemptionshall not be subject to levy or sale on execution.
(i) Holder of legal title. The holder of the legal title atthetime of issuance of execution or order of sale shall have the same rightof redemption upon the same terms and conditions as the defendant inexecution and shall be entitled to the possession of the propertythe same as the defendant in execution.
(j) Injury or waste after sale. After the sheriff makes thedeedto the purchaser or party entitledto a deed under sale as provided in this section,the purchaser or party may assert a claim for damagesagainst any person committing or permitting any injury orwaste upon the property purchased after the sale and beforepossession is delivered under the conveyance.
(k) Second sale not permitted. Real estate once sold uponorderof sale, special execution or general execution shall not again beliable for sale for any balance due upon the judgment or decree underwhich it is sold, or any judgment or lien inferior thereto, including unadjudicated junior liens filed after thepetition is filed in the district court to foreclose the senior lienagainst the real estate.
(l) Injunction or receiver to protect property. The holderofthe certificate of purchase shall be entitled to prevent any waste ordestruction of the premises purchased. For that purpose the court,on proper showing, may issue an injunction or, when required to protectthe premises against waste, appointa receiver who shall hold the premises until the purchaser is entitledto a deed. The receiver may rent, control and manage the premisesbut the income during that time, except the fees and expenses of the receiverand the amountthat is necessary to keep up repairs, prevent waste and pay realestate taxes and insurance premiums,shall go to the person whootherwise would be entitled to possession during the period ofredemption.
(m) Owners reduced redemption period.In the event a default occurs in the conditions of the mortgage or instrumentof the most senior lien foreclosed before 1/3 of the original indebtednesssecured by the mortgage or lien has been paid, the court shall order aredemption period of three months. If, after proper showing, thecourt finds thatthe total outstanding amount of all mortgages or liens is less than 1/3 of themarket value of the property, the court shall order a redemption period of 12months. If the court finds after a hearing with not less than 21 days' noticeto all parties, that the defendant ownerhas involuntarily lost such owner's primary source ofincome after the date of the foreclosure saleand prior to expiration of a three-monthperiod of redemption, the court may extend the three-month period of redemptionan additional three months.If the court orders a redemption period of six months or less, theright ofthe defendant owner or successors and assigns to redeem is exclusive for thefirst two months of the redemption period. This subsectionshall not apply in the eventredemption rights have beenshortened, waived or terminated pursuant to subsection (a).
History: L. 1963, ch. 303, 60-2414; L. 1970, ch. 221, § 1; L. 1972,ch. 225, § 1; L. 1977, ch. 207, § 1; L. 1983, ch. 200, § 2;L. 1992, ch. 320, § 1;L. 1994, ch. 230, § 1; July 1.
60-2414.Redemption of real property.(a) Right of redemption by defendant owner. Except as stated in subsection(m) and as otherwise provided by law, the defendantowner mayredeem any real property sold under execution, special execution ororder of sale, at any time within 12 months from the day ofsale, for the amount paid by the current holder of the certificateof purchase, including expenses incurred by the holder of the certificate ofpurchase in accordance with subsection (d),together with interest at the rate provided for in subsection (e)(1) ofK.S.A. 16-204, and amendments thereto, costs and taxes to the date ofredemption. Thedefendant owner in the meantime shall be entitled tothe possession of the property. If the court finds after hearing, eitherbefore or after sale, upon not less than 21 days' notice to all parties,that theproperty has been abandoned, or is not occupied in good faith,the period ofredemption for the defendant owner may be shortened or extinguished by thecourt. The right of redemption shall not apply to oil and gas leaseholds.Except for mortgages covering agricultural lands or single or two-familydwellings owned by or held in trust for natural persons, the mortgagor mayagree in the mortgage instrument to a shorter period ofredemption than 12 months or may wholly waive the period of redemption.
(b) Redemption by lien creditor. Except as provided in subsection(m),for the first three months of theredemption period, if any, the right of the defendantowner or successors and assigns to redeem isexclusive. If no redemption is made by the defendant owner during the time inwhich the defendant owner has theexclusive right to redeem, any creditor referred to in subsection (c) mayredeemthe property during the balance of the redemption period remaining. If thedefendant owner has waived the right of redemption, a creditor shall have aright to redeem the property for a period of three months from the date of thejudicial sale. If the defendant owner has agreed to aperiod of redemption of three months or less, a creditor shall have a right toredeem for a period of three months from the date of expiration of thedefendant owner's redemption period. If the court shortens or extinguishes theperiod of redemption because of abandonment or lack of good faith occupation asprovided in subsection (a), the court shall specify in the order a time not toexceed three months during which a creditor may redeem.The firstcreditor redeeming must pay onlythe amount of the successful sale bid, the expenses incurred bythe holder of the certificate in accordance with subsection (d), togetherwith interest at the rate provided for in subsection (e)(1) of K.S.A. 16-204,and amendments thereto, costs and taxes to the dateof redemption.After redemption by a creditor, no further redemption shall be allowed exceptby the defendant owner or such owner's successors and assigns. If a creditorredeems during the period of redemption for the defendant owner, the defendantowner shall have the balance of such period, but in no event less than 10 daysfrom the filing of the affidavit required in subsection (f), to redeem from thecreditor.When thedefendant owner or such owner's successors and assigns redeem subsequent toredemption by a creditor,the defendant owner or such owner's successors and assignsshall pay an amount equal to the redemption amount paid by such creditor,plus the amount required by subsection (f), and expenses incurred by thecreditor in accordance with subsection (d), together with interest at therate provided for in subsection (e)(1) of K.S.A. 16-204, and amendmentsthereto, costs and taxes to the date ofredemption.
(c) Creditors who may redeem. Any creditor whose claim is orbecomes a lien prior to the expiration of the time allowed by law forthe redemption by creditors may redeem. A mortgagee may redeem upon theterms prescribed by this section before or after thedebt secured by the mortgage falls due.
(d) Terms of redemption; rights of parties. During the period allowedfor redemption, the holder of the certificate of purchase or the creditorwho has redeemed may pay thetaxes on the lands sold, insurance premiums on theimprovements thereon, other sums necessary to prevent waste,and interest or sums due, upon any prior lien or encumbranceon the real property. Upon the redemption of the property, the holder of thecertificate or the creditor who hasredeemed shall be entitled torepayment of allsums thus paid, together with interest atthe rate provided for in subsection (e)(1) of K.S.A. 16-204, and amendmentsthereto. All expenses incurred by theholder of the certificate or the creditor who has redeemed shall be as shownby receipts orvouchers filed in the office of the clerk of the district court.
(e) Effect of failure of debtor to redeem; deficiency. Ifthedefendant owner or such owner'ssuccessors or assigns fail to redeem asprovided in this section, the holder of the certificate ofpurchase or the creditor who hasredeemed prior tothe expiration of the redemption periodwill hold the propertyabsolutely. If it is held by a redeeming creditor, thelien and the claim out of which it arose will be held to beextinguished, unless the redeeming creditor is unwillingto hold the property andcredit the defendant owner with the full amount of the redeeming creditor'slien and, at the time of redemption, files with the clerk of the districtcourt a statement of the amount that the redeeming creditoris willing to credit on the claim.If the redeeming creditor files such a statement and the defendant owner orsuch owner's successors and assigns fail to redeem, the creditor's claim shallbe extinguished by the amount in the statement. The sheriff, at the end of theredemption period, shall execute a deed to the current owner of the certificateof purchase or the creditor who has redeemed prior to the expiration of theredemption period.
(f) Mode of redemption. The party redeeming shall pay themoneyinto the office of the clerk of the district court for the use of thepersons entitled to it. The clerkshall give a receipt for the money, stating the purpose for which it ispaid. The clerk shall also enter the transaction on the appearancedocketof the case, showing the amount paid.A redeeming creditor, or agent of the creditor, shall also file an affidavitstating as nearly as practicable the amount still unpaid due on the claim ofthat creditor and any lesser amount the creditor is willing to credit on theclaim in accordance with subsection (e). The creditor's claim, or such lesseramount as the creditor is willing to credit on the claim in accordance withsubsection (e), shall be added to the redemption amount to be paid by thedefendant owner or such owner's successors and assigns.
(g) Redemption of property sold in parcels, or undividedportions.Whenever the property has been sold in parcels, any distinct portionof that property may be redeemed by itself. If a creditor has redeemed, theamount of the creditor's claimor such lesser amount as the creditor is willing to credit on the claim asstated in the affidavit under subsection (f) shall be added to each parcelsold pro rata in proportion to the amount for whichit was originally sold. When the interests of several tenants incommon have been sold on execution the undivided portion of any oreither of them may be redeemed separately.
(h) Transfer of right of redemption. The rights of thedefendant owner in relation to redemption may be assigned ortransferred, and the assignee or transferee shall have thesameright of redemption as the defendant owner. The assignedor transferred right of redemptionshall not be subject to levy or sale on execution.
(i) Holder of legal title. The holder of the legal title atthetime of issuance of execution or order of sale shall have the same rightof redemption upon the same terms and conditions as the defendant inexecution and shall be entitled to the possession of the propertythe same as the defendant in execution.
(j) Injury or waste after sale. After the sheriff makes thedeedto the purchaser or party entitledto a deed under sale as provided in this section,the purchaser or party may assert a claim for damagesagainst any person committing or permitting any injury orwaste upon the property purchased after the sale and beforepossession is delivered under the conveyance.
(k) Second sale not permitted. Real estate once sold uponorderof sale, special execution or general execution shall not again beliable for sale for any balance due upon the judgment or decree underwhich it is sold, or any judgment or lien inferior thereto, including unadjudicated junior liens filed after thepetition is filed in the district court to foreclose the senior lienagainst the real estate.
(l) Injunction or receiver to protect property. The holderofthe certificate of purchase shall be entitled to prevent any waste ordestruction of the premises purchased. For that purpose the court,on proper showing, may issue an injunction or, when required to protectthe premises against waste, appointa receiver who shall hold the premises until the purchaser is entitledto a deed. The receiver may rent, control and manage the premisesbut the income during that time, except the fees and expenses of the receiverand the amountthat is necessary to keep up repairs, prevent waste and pay realestate taxes and insurance premiums,shall go to the person whootherwise would be entitled to possession during the period ofredemption.
(m) Owners reduced redemption period.In the event a default occurs in the conditions of the mortgage or instrumentof the most senior lien foreclosed before 1/3 of the original indebtednesssecured by the mortgage or lien has been paid, the court shall order aredemption period of three months. If, after proper showing, thecourt finds thatthe total outstanding amount of all mortgages or liens is less than 1/3 of themarket value of the property, the court shall order a redemption period of 12months. If the court finds after a hearing with not less than 21 days' noticeto all parties, that the defendant ownerhas involuntarily lost such owner's primary source ofincome after the date of the foreclosure saleand prior to expiration of a three-monthperiod of redemption, the court may extend the three-month period of redemptionan additional three months.If the court orders a redemption period of six months or less, theright ofthe defendant owner or successors and assigns to redeem is exclusive for thefirst two months of the redemption period. This subsectionshall not apply in the eventredemption rights have beenshortened, waived or terminated pursuant to subsection (a).
History: L. 1963, ch. 303, 60-2414; L. 1970, ch. 221, § 1; L. 1972,ch. 225, § 1; L. 1977, ch. 207, § 1; L. 1983, ch. 200, § 2;L. 1992, ch. 320, § 1;L. 1994, ch. 230, § 1; July 1.
