SB 564-2_ Filed 02/10/2005, 09:14 Clark
Adopted 2/10/2005
SENATE MOTION
MADAM PRESIDENT:
I move
that Senate Bill 564 be amended to read as follows:
SOURCE: Page 1, line 1; (05)MO056404.1. -->
Page 1, between the enacting clause and line 1, begin a new
paragraph and insert:
SOURCE: IC 32-29-7-4; (05)MO056404.2. -->
"SECTION 2. IC 32-29-7-4 IS AMENDED TO READ AS
FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 4. (a) A sheriff shall
offer to sell and sell property on foreclosure in a manner that is
reasonably likely to bring the highest net proceeds from the sale after
deducting the expenses of the offer and sale.
(b) Upon prior petition of the debtor or any creditor involved in the
foreclosure proceedings, the court in its order of foreclosure shall order
the property sold by the sheriff through the services of an auctioneer
requested by the petitioner and approved by the court if:
(1) the court determines that a sale is economically feasible; or
(2) all the creditors in the proceedings agree to both that method
of sale and the compensation to be paid the auctioneer.
(c) An The sheriff shall engage the auctioneer engaged by a sheriff
under this section not later than fourteen (14) calendar days after
the date of the order entered by the court under subsection (b). The
auctioneer shall schedule the auction and conduct the auctioneer's
activities as appropriate to bring the highest bid for the property on
foreclosure. The advertising conducted by the auctioneer is in addition
to any other notice required by law.
(d) The auctioneer's fee must be a reasonable amount stated in the
court's order. However, if the sale by use of an auctioneer has not been
agreed to by the creditors in the proceedings and the sale price is less
than the amount of the judgment and the costs and expenses necessary
to the satisfaction of the judgment, the auctioneer is entitled only to the
auctioneer's advertising expenses plus one hundred dollars ($100). The
amount due the auctioneer on account of the auctioneer's expenses and
fee, if any, shall be paid as a cost of the sale from its proceeds before
the payment of any other payment from the sale.".
SOURCE: Page 1, line 13; (05)MO056404.1. -->
Page 1, line 13, delete "not later than".
Page 1, delete line 14.
Page 1, line 15, delete "the court under subsection (b).".
Page 1, line 15, after "section" insert "
not later than fourteen (14)
calendar days after the date of the order entered by the court
under subsection (b).".
Renumber all SECTIONS consecutively.
(Reference is to SB 564 as printed February 4, 2005.)
________________________________________
Senator CLARK