141.560. Daily adjournment of sale by sheriff--sale to trustees (first class charter counties).
Daily adjournment of sale by sheriff--sale to trustees (first classcharter counties).
141.560. 1. If, when the sheriff offers the respectiveparcels of real estate for sale, there be no bidders for anyparcel, or there be insufficient time or opportunity to sell allof the parcels of real estate so advertised, the sheriff shalladjourn such sale from day to day at the same place andcommencing at the same hour as when first offered and shallannounce that such real estate will be offered or reoffered forsale at such time and place.
2. In the event no bid equal to the full amount of all taxbills included in the judgment, interest, penalties, attorney'sfees and costs then due thereon shall be received at such saleafter any parcel of real estate has been offered for sale onthree different days, which need not be successive, the landtrustees shall be deemed to have bid the full amount of all taxbills included in the judgment, interest, penalties, attorney'sfees and costs then due, and if no other bid be then received bythe sheriff in excess of the bid of the trustees, and the sheriffshall so announce at the sale, then the bid of the trustees shallbe announced as accepted. The sheriff shall report any such bidor bids so made by the land trustees in the same way as hisreport of other bids is made.
3. The land trustees shall pay any penalties, attorney'sfees or costs included in the judgment of foreclosure of suchparcel of real estate, when such parcel is sold or otherwisedisposed of by the land trustees, as herein provided. Uponconfirmation by the court of such bid at such sale by such landtrustees, the collector shall mark the tax bills so bid by theland trustees as "canceled by sale to the land trust" and shalltake credit for the full amount of such tax bills, includingprincipal amount, interest, penalties, attorney's fees, andcosts, on his books and in his statements with any other taxingauthorities.
(L. 1943 p. 1029 § 27, A.L. 1945 p. 1761, A.L. 1949 p. 602)