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U.S. Code as of:
01/19/04
Section 2001. Sale of realty generally
(a) Any realty or interest therein sold under any order or decree
of any court of the United States shall be sold as a whole or in
separate parcels at public sale at the courthouse of the county,
parish, or city in which the greater part of the property is
located, or upon the premises or some parcel thereof located
therein, as the court directs. Such sale shall be upon such terms
and conditions as the court directs.
Property in the possession of a receiver or receivers appointed
by one or more district courts shall be sold at public sale in the
district wherein any such receiver was first appointed, at the
courthouse of the county, parish, or city situated therein in which
the greater part of the property in such district is located, or on
the premises or some parcel thereof located in such county, parish,
or city, as such court directs, unless the court orders the sale of
the property or one or more parcels thereof in one or more
ancillary districts.
(b) After a hearing, of which notice to all interested parties
shall be given by publication or otherwise as the court directs,
the court may order the sale of such realty or interest or any part
thereof at private sale for cash or other consideration and upon
such terms and conditions as the court approves, if it finds that
the best interests of the estate will be conserved thereby. Before
confirmation of any private sale, the court shall appoint three
disinterested persons to appraise such property or different groups
of three appraisers each to appraise properties of different
classes or situated in different localities. No private sale shall
be confirmed at a price less than two-thirds of the appraised
value. Before confirmation of any private sale, the terms thereof
shall be published in such newspaper or newspapers of general
circulation as the court directs at least ten days before
confirmation. The private sale shall not be confirmed if a bona
fide offer is made, under conditions prescribed by the court, which
guarantees at least a 10 per centum increase over the price offered
in the private sale.
(c) This section shall not apply to sales and proceedings under
Title 11 or by receivers or conservators of banks appointed by the
Comptroller of the Currency.
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