57-1-27 - Sale of trust property by public auction -- Postponement of sale.
57-1-27. Sale of trust property by public auction -- Postponement of sale.
(1) (a) On the date and at the time and place designated in the notice of sale, the trustee orthe attorney for the trustee shall sell the property at public auction to the highest bidder. Thetrustee, or the attorney for the trustee, may conduct the sale and act as the auctioneer. Thetrustor, or the trustor's successor in interest, if present at the sale, may direct the order in whichthe trust property shall be sold, if the property consists of several known lots or parcels which canbe sold separately. The trustee or attorney for the trustee shall follow these directions. Anyperson, including the beneficiary or trustee, may bid at the sale. The trustee may bid for thebeneficiary. Each bid is considered an irrevocable offer. If the highest bidder refuses to pay theamount bid by the highest bidder for the property, the trustee, or the attorney for the trustee, shalleither:
(i) renotice the sale in the same manner as notice of the original sale is required to begiven; or
(ii) sell the property to the next highest bidder.
(b) A bidder refusing to pay the bid price is liable for any loss occasioned by the refusal,including interest, costs, and trustee's and reasonable attorneys' fees. The trustee or the attorneyfor the trustee may thereafter reject any other bid of that person for the property.
(2) The person conducting the sale may, for any cause he considers expedient, postponethe sale. The person conducting the sale shall give notice of each postponement by publicdeclaration, by written notice or oral postponement, at the time and place last appointed for thesale. No other notice of the postponed sale is required, unless the postponement exceeds 45 days. In that event, the sale shall be renoticed in the same manner as the original notice of sale isrequired to be given.
Amended by Chapter 236, 2001 General Session