Sale of the PropertySales Procedures
Section § 873.600
This law says that if everyone involved in a court case agrees in writing on how a sale should happen and the terms for it, the court must follow their agreement, despite any other laws that might say otherwise.
Section § 873.610
This law allows the court to decide the details of how a property sale should occur during or after a trial. The court can also ask a referee to suggest how the sale should happen, but it must hold a hearing before accepting the referee's suggestions.
Section § 873.620
This law says that when selling property involved in a legal case, the court should usually sell different pieces of land separately unless it would significantly harm the parties involved. However, the court can decide to sell real estate and personal property together as a single unit if it makes sense to do so.
Section § 873.630
This law allows the court to decide if property can be sold on credit and to set the terms for that credit. The court can also approve or set the terms for any security taken in the sale, including how the security's title is documented, whether all together or separately, based on the parties' interests.
Section § 873.640
This law section covers how notifications should be handled when real or personal property is being sold due to a court order. First, it says that you need to notify all parties involved, using the standard method for similar sales. If both real estate and personal items are sold together, you can notify the same way you would for real estate alone. There is flexibility for the court to require extra notifications if needed. Additionally, if the court needs to arrange another sale, the same notification rules apply.
Section § 873.650
This law explains what must be included in a notice of sale when property is being sold, typically as part of a court process. It specifies that the notice must describe the property, and provide when and where the sale will happen, along with the main terms of the sale. Instead of detailing the terms in the notice, it can refer people to a court order or a statement that they can review. For private sales, the notice must also indicate where and when bids or offers will be accepted.
Section § 873.660
This law allows a court to order the sale of stocks, bonds, and personal items that could lose value quickly or incur costs if not sold right away. Normally, once these items are sold, the ownership automatically transfers without the need for court approval, but the person managing the sale has to make sure everything is done correctly until the court reviews and approves the sale process.
Section § 873.670
This law outlines how items should be sold at a public auction. The auction must take place in the same county where the legal action is happening, unless the court decides on a different location. Personal property must be at the auction unless the court says otherwise. If needed, the person in charge can announce a delay in the auction, similar to the rules for other types of sales.
Section § 873.680
This law states that a private sale must happen between the specified date in the sale notice and up to one year later. All bids or offers for the sale need to be made in writing and delivered to the location mentioned in the notice after the notice is first published or posted.
Section § 873.690
This law states that certain people aren't allowed to buy property involved in a legal case. These people include the referee, a party's lawyer, and a party's guardian or conservator, unless it's for the benefit of the person they're responsible for. If someone does buy the property against these rules, the sale doesn't count. However, if someone else buys the property legally afterward, their purchase stands.