Confirmation or disapproval of sale by court--proceeds applied, how(first class charter counties).
141.580. 1. After the sheriff sells any parcel of realestate, the court shall, upon its own motion or upon motion ofany interested party, set the cause down for hearing to confirmthe foreclosure sale thereof, even though such parcels are notall of the parcels of real estate described in the notice ofsheriff's foreclosure sale. At the time of such hearing, thesheriff shall make report of the sale, and the court shall hearevidence of the value of the property offered on behalf of anyinterested party to the suit, and shall forthwith determinewhether an adequate consideration has been paid for each suchparcel.
2. For this purpose the court shall have power to summon anycity or county official or any private person to testify as tothe reasonable value of the property, and if the court finds thatadequate consideration has been paid, he shall confirm the saleand order the sheriff to issue a deed to the purchaser. If thecourt finds that the consideration paid is inadequate, thepurchaser may increase his bid to such amount as the court maydeem to be adequate, whereupon the court may confirm the sale.If, however, the purchaser declines to increase his bid and makesuch additional payment, then the sale shall be disapproved, thelien of the judgment continued, and such parcel of real estateshall be again advertised and offered for sale by the sheriff tothe highest bidder at public auction for cash at any subsequentsheriff's foreclosure sale. Unless the court requires evidenceof the value of the property conveyed to land trust, none shallbe required, and the amount bid by the land trustees shall bedeemed adequate consideration.
3. If the sale is confirmed, the court shall order theproceeds of the sale applied in the following order:
(1) To the payment of the costs of the publication of thenotice of foreclosure and of the sheriff's foreclosure sale;
(2) To the payment of all costs including appraiser's feenot to exceed fifteen dollars and attorney's fees;
(3) To the payment of all tax bills adjudged to be due inthe order of their priority, including principal, interest andpenalties thereon.If, after such payment, there is any sum remaining of theproceeds of the sheriff's foreclosure sale, the court shallthereupon try and determine the other issues in the suit inaccordance with section 141.480. If any answering parties havespecially appealed as provided in section 141.570, the courtshall retain the custody of such funds pending disposition ofsuch appeal, and upon disposition of such appeal shall make suchdistribution. If there are not sufficient proceeds of the saleto pay all claims in any class described, the court shall orderthe same to be paid pro rata in accordance with the priorities.
4. If there are any funds remaining of the proceeds afterthe sheriff's sale and after the distribution of such funds asherein set out and no person entitled to any such funds, whetheror not a party to the suit, shall, within two years after suchsale, appear and claim the funds, they shall escheat to the stateas provided by law.
(L. 1943 p. 1029 § 28, A.L. 1949 p. 602, A.L. 1967 p. 224, A.L. 1982 H.B. 1351, et al.)
Confirmation or disapproval of sale by court--proceeds applied, how(first class charter counties).
141.580. 1. After the sheriff sells any parcel of realestate, the court shall, upon its own motion or upon motion ofany interested party, set the cause down for hearing to confirmthe foreclosure sale thereof, even though such parcels are notall of the parcels of real estate described in the notice ofsheriff's foreclosure sale. At the time of such hearing, thesheriff shall make report of the sale, and the court shall hearevidence of the value of the property offered on behalf of anyinterested party to the suit, and shall forthwith determinewhether an adequate consideration has been paid for each suchparcel.
2. For this purpose the court shall have power to summon anycity or county official or any private person to testify as tothe reasonable value of the property, and if the court finds thatadequate consideration has been paid, he shall confirm the saleand order the sheriff to issue a deed to the purchaser. If thecourt finds that the consideration paid is inadequate, thepurchaser may increase his bid to such amount as the court maydeem to be adequate, whereupon the court may confirm the sale.If, however, the purchaser declines to increase his bid and makesuch additional payment, then the sale shall be disapproved, thelien of the judgment continued, and such parcel of real estateshall be again advertised and offered for sale by the sheriff tothe highest bidder at public auction for cash at any subsequentsheriff's foreclosure sale. Unless the court requires evidenceof the value of the property conveyed to land trust, none shallbe required, and the amount bid by the land trustees shall bedeemed adequate consideration.
3. If the sale is confirmed, the court shall order theproceeds of the sale applied in the following order:
(1) To the payment of the costs of the publication of thenotice of foreclosure and of the sheriff's foreclosure sale;
(2) To the payment of all costs including appraiser's feenot to exceed fifteen dollars and attorney's fees;
(3) To the payment of all tax bills adjudged to be due inthe order of their priority, including principal, interest andpenalties thereon.If, after such payment, there is any sum remaining of theproceeds of the sheriff's foreclosure sale, the court shallthereupon try and determine the other issues in the suit inaccordance with section 141.480. If any answering parties havespecially appealed as provided in section 141.570, the courtshall retain the custody of such funds pending disposition ofsuch appeal, and upon disposition of such appeal shall make suchdistribution. If there are not sufficient proceeds of the saleto pay all claims in any class described, the court shall orderthe same to be paid pro rata in accordance with the priorities.
4. If there are any funds remaining of the proceeds afterthe sheriff's sale and after the distribution of such funds asherein set out and no person entitled to any such funds, whetheror not a party to the suit, shall, within two years after suchsale, appear and claim the funds, they shall escheat to the stateas provided by law.
(L. 1943 p. 1029 § 28, A.L. 1949 p. 602, A.L. 1967 p. 224, A.L. 1982 H.B. 1351, et al.)
Confirmation or disapproval of sale by court--proceeds applied, how(first class charter counties).
141.580. 1. After the sheriff sells any parcel of realestate, the court shall, upon its own motion or upon motion ofany interested party, set the cause down for hearing to confirmthe foreclosure sale thereof, even though such parcels are notall of the parcels of real estate described in the notice ofsheriff's foreclosure sale. At the time of such hearing, thesheriff shall make report of the sale, and the court shall hearevidence of the value of the property offered on behalf of anyinterested party to the suit, and shall forthwith determinewhether an adequate consideration has been paid for each suchparcel.
2. For this purpose the court shall have power to summon anycity or county official or any private person to testify as tothe reasonable value of the property, and if the court finds thatadequate consideration has been paid, he shall confirm the saleand order the sheriff to issue a deed to the purchaser. If thecourt finds that the consideration paid is inadequate, thepurchaser may increase his bid to such amount as the court maydeem to be adequate, whereupon the court may confirm the sale.If, however, the purchaser declines to increase his bid and makesuch additional payment, then the sale shall be disapproved, thelien of the judgment continued, and such parcel of real estateshall be again advertised and offered for sale by the sheriff tothe highest bidder at public auction for cash at any subsequentsheriff's foreclosure sale. Unless the court requires evidenceof the value of the property conveyed to land trust, none shallbe required, and the amount bid by the land trustees shall bedeemed adequate consideration.
3. If the sale is confirmed, the court shall order theproceeds of the sale applied in the following order:
(1) To the payment of the costs of the publication of thenotice of foreclosure and of the sheriff's foreclosure sale;
(2) To the payment of all costs including appraiser's feenot to exceed fifteen dollars and attorney's fees;
(3) To the payment of all tax bills adjudged to be due inthe order of their priority, including principal, interest andpenalties thereon.If, after such payment, there is any sum remaining of theproceeds of the sheriff's foreclosure sale, the court shallthereupon try and determine the other issues in the suit inaccordance with section 141.480. If any answering parties havespecially appealed as provided in section 141.570, the courtshall retain the custody of such funds pending disposition ofsuch appeal, and upon disposition of such appeal shall make suchdistribution. If there are not sufficient proceeds of the saleto pay all claims in any class described, the court shall orderthe same to be paid pro rata in accordance with the priorities.
4. If there are any funds remaining of the proceeds afterthe sheriff's sale and after the distribution of such funds asherein set out and no person entitled to any such funds, whetheror not a party to the suit, shall, within two years after suchsale, appear and claim the funds, they shall escheat to the stateas provided by law.
(L. 1943 p. 1029 § 28, A.L. 1949 p. 602, A.L. 1967 p. 224, A.L. 1982 H.B. 1351, et al.)
