§ 1-339.30. Public sale; failure of bidder to make cash deposit or to comply with bid; resale.
§ 1‑339.30. Publicsale; failure of bidder to make cash deposit or to comply with bid; resale.
(a) If an order ofpublic sale by auction requires the highest bidder to make a cash deposit atthe sale, and the highest bidder fails to make the required deposit, the personholding the sale shall at the same time and place again offer the property forsale.
(a1) If an order ofpublic sale of timber by sealed bid requires the highest bidder to make a cashdeposit and the bidder fails to make the required deposit within the timespecified in the order, the judge or clerk having jurisdiction may direct thatthe timber be sold to the person who submitted the next highest bid or mayorder a resale. The procedure for a resale is the same in every respect as isprovided by this Article in the case of an original public sale.
(b) When the highestbidder at a public sale of personal property not required to be confirmed failsto make the cash payment, if any, required by the terms of the sale, the personholding the sale shall at the same time and place again offer the property forsale. In the event no other bid is received, a new sale may be advertised inthe regular manner provided by this Article for an original sale.
(c) When the highestbidder at a public sale of personal property required to be confirmed fails tocomply with his bid within 10 days after notice given by the person holding thesale or after a bona fide attempt to give such notice that the sale has beenconfirmed, the judge or clerk having jurisdiction may order a resale. Theprocedure for the resale is the same in every respect as is provided by thisArticle in the case of an original public sale of personal property.
(d) When the highestbidder at a public sale or resale of real property by auction or any upsetbidder fails to comply with the bid within 10 days after the tender to thebidder of a deed for the property or after a bona fide attempt to tender thedeed, the judge or clerk having jurisdiction may order a resale. The procedurefor a resale of real property is the same in every respect as is provided bythis Article in the case of an original public sale of real property.
(d1) When the highestbidder at a public sale or resale of timber by sealed bid fails to comply withthe bid within 10 days after the tender to the bidder of a deed for the timberor after a bona fide attempt to tender a timber deed, the judge or clerk havingjurisdiction may direct that the timber be sold to the person who submitted thenext highest bid or may order a resale. The procedure for a resale is the samein every respect as is provided by this Article in the case of an originalpublic sale.
(e) A defaulting bidderat any sale or resale or any defaulting upset bidder is liable on the bid, andin case a resale is had because of the default, the defaulting bidder remainsliable to the extent that the final sale price is less than the bid, and forall costs of the resale or resales. Any deposit or compliance bond made by thedefaulting bidder shall secure payment of the amount, if any, for which thedefaulting bidder remains liable under this section.
(f) Nothing in thissection deprives any person of any other remedy against the defaulting bidder. (1949, c. 719, s. 1; 1997‑83,ss. 29‑33; 2001‑271, s. 8.)