60-2406. Sale subject to liens.
60-2406
60-2406. Sale subject to liens.The interest of a judgment debtor in property, either real or personal,may be levied upon and sold on execution subject to liens or encumbrancesalready existing. If the holder of a lien or other security interest intangible personal property asserts a right of possession thereto and doesnot consent to an execution sale subject to his or her interest, the sale shallnot be completed unless for an amount in excess of such senior interest asdetermined by the court, and in such event the property shall be deliveredby the officer to the lienholder entitled to the same. If the sale iscompleted, the net proceeds thereof shall be applied to the satisfaction ofthe senior interest in full and the balance applied to the judgment debt.
History: L. 1963, ch. 303, 60-2406; Jan. 1, 1964.