Sec. 49-28. When proceeds of sale will not pay in full.
Sec. 49-28. When proceeds of sale will not pay in full. If the proceeds of the sale
are not sufficient to pay in full the amount secured by any mortgage or lien thereby
foreclosed, the deficiency shall be determined, and thereupon judgment may be rendered
in the cause for the deficiency against any party liable to pay the same who is a party
to the cause and has been served with process or has appeared therein, and all persons
liable to pay the debt secured by the mortgage or lien may be made parties; but all other
proceedings for the collection of the debt shall be stayed during the pendency of the
foreclosure suit, and, if a deficiency judgment is finally rendered therein, the other
proceedings shall forthwith abate. If the property has sold for less than the appraisal
provided for in section 49-25, no judgment shall be rendered in the suit or in any other
for the unpaid portion of the debt or debts of the party or parties upon whose motion
the sale was ordered, nor shall the same be collected by any other means than from the
proceeds of the sale until one-half of the difference between the appraised value and
the selling price has been credited upon the debt or debts as of the date of sale; and,
when there are two or more debts to which it is to be applied, it shall be apportioned
between them.
(1949 Rev., S. 7209; P.A. 79-602, S. 84.)
History: P.A. 79-602 substituted "the" for "such" where appearing.
Provision for crediting one-half difference between appraisal and sale price not applicable against subsequent encumbrancer. 89 C. 101. Liability of endorsers for balance of deficiency judgment in separate action. 100 C. 711. Guarantor of
note allowed same statutory credit as mortgagor. 113 C. 241. Cited. 120 C. 671. See note to Sec. 49-25 re 128 C. 694.
Cited. 220 C. 152; Id., 643. Cited. 222 C. 784. Cited. 227 C. 270. Cited. 235 C. 741. Cited. 241 C. 269.
Cited. 23 CA 266. Cited. 28 CA 809. Cited. 31 CA 1; Id., 621. Cited. 36 CA 313. Cited. 38 CA 240.