78B-6-1220 - Proceeds of sale of encumbered property -- Disposition of.
78B-6-1220. Proceeds of sale of encumbered property -- Disposition of.
The proceeds of the sale of encumbered property shall be applied under the direction ofthe court, as follows:
(1) to pay its just proportion of the general costs of the action;
(2) to pay the costs of the reference;
(3) to satisfy and cancel all recorded liens in their order of priority, by payment of thesums due and to become due; the amount due to be verified by affidavit at the time of payment;
(4) the residue among the owners of the property sold according to their respective sharestherein.
The proceeds of the sale of encumbered property shall be applied under the direction ofthe court, as follows:
(1) to pay its just proportion of the general costs of the action;
(2) to pay the costs of the reference;
(3) to satisfy and cancel all recorded liens in their order of priority, by payment of thesums due and to become due; the amount due to be verified by affidavit at the time of payment;
(4) the residue among the owners of the property sold according to their respective sharestherein.
Renumbered and Amended by Chapter 3, 2008 General Session