§2203.  Pre-bidding procedures; sale of adjudicated property

A.  Initiation by political subdivisions.  A political subdivision may provide by ordinance for the sale of adjudicated property at a public sale and may include the date for the sale in the ordinance.  However, the date of the sale may be provided by a subsequent ordinance, or the date may be set administratively by the political subdivision.

B.  Initiation by persons.  (1)  Whenever any person desires to initiate the public sale of adjudicated property and the political subdivision desires to sell, the person shall deposit an amount determined by the political subdivision to be sufficient to cover the expenses of the sale, including advertising, appraisals, and other costs associated with the sale.

(2)  Should the depositor at the sale fail to be the highest bidder, the money deposited shall be returned to him.  However, if no one at the sale bids up to the minimum price provided in this Subpart, then the money shall be retained to pay the expenses of the sale, but any money remaining after the expenses are paid shall be returned to the depositor.

C.  Advertisement.  A public sale shall be advertised twice in the official journal for the political subdivision, once at least thirty days prior to the date of the public sale, and once no more than seven days prior to the date of the public sale.  The advertisement shall provide for the minimum bid, the latest date written bids will be accepted, the time and date of in-person bidding, and any other terms of sale.  However, if no minimum bid is set by the governing authority of the political subdivision on the adjudicated property to be sold at the public sale, the advertisement shall include a statement that no minimum bid is set and that the property shall be sold to the highest bidder.

Acts 2008, No. 819, §1, eff. Jan. 1, 2009; Acts 2010, No. 947, §1.