67-1-1418 - Manner and conditions of sale.
67-1-1418. Manner and conditions of sale.
(a) Minimum Price. Before the sale, the commissioner or the commissioner's delegate shall determine a minimum price for which the property shall be sold, and if no person offers for such property at the sale the amount of the minimum price, the property shall be declared to be purchased at such price for the state; otherwise, the property shall be declared to be sold to the highest bidder. In determining the minimum price, the commissioner or the commissioner's delegate shall take into account the expense of making the levy and sale.
(b) Additional Rules Applicable to Sale. The commissioner shall by regulations prescribe the manner and other conditions of the sale of property seized by levy. If one (1) or more alternative methods or conditions are permitted by regulations, the commissioner or the commissioner's delegate shall select the alternatives applicable to the sale. Such regulations shall provide:
(1) That the sale shall not be conducted in any manner other than:
(A) By public auction;
(B) By public internet auction; or
(C) By public sale under sealed bids;
(2) In the case of the seizure of several items of property, whether such items shall be offered separately, in groups, or in the aggregate; and whether, those items shall be sold under whichever method produces the highest aggregate amount;
(3) Whether the announcement of the minimum price determined by the commissioner or the commissioner's delegate may be delayed until the receipt of the highest bid;
(4) Whether payment in full shall be required at the time of acceptance of a bid, or whether a part of such payment may be deferred for such period, not to exceed one (1) month, as may be determined by the commissioner or the commissioner's delegate to be appropriate;
(5) The extent to which methods, including advertising, in addition to those prescribed in § 67-1-1415, may be used in giving notice of the sale; and
(6) Under what circumstances the commissioner or the commissioner's delegate may adjourn the sale from time to time, but such adjournments shall not be for a period to exceed in total one (1) month.
(c) Payment of Amount Bid. If payment in full is required at the time of acceptance of a bid and is not then and there paid, the commissioner or the commissioner's delegate shall forthwith proceed to again sell the property in the manner provided in this section. If the conditions of the sale permit part of the payment to be deferred, and if such part is not paid within the prescribed period, suit may be instituted against the purchaser for the purchase price of such part of the purchase price as has not been paid, together with interest at the rate of six percent (6%) per annum from the date of the sale; or, in the discretion of the commissioner or the commissioner's delegate, the sale may be declared by the commissioner or the commissioner's delegate to be null and void for failure to make full payment of the purchase price, and the property may again be advertised and sold as provided in §§ 67-1-1415, 67-1-1416 and this section. In the event of such readvertisement and sale, any new purchaser shall receive such property, or rights to property, free and clear of any claim or right of the former defaulting purchaser, of any nature whatsoever, and the amount paid upon the bid price by such defaulting purchaser shall be forfeited.
[Acts 1972, ch. 762, § 4; T.C.A., § 67-6015; Acts 2005, ch. 499, § 9.]