Sec. 49-24g. Right-of-first-refusal law days.
200 words·~1 min read·
/ct/title-49/chapter-846-mortgages/49-24g·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
When the court renders a judgment of market sale pursuant to section 49-24f , the court shall schedule, not later than thirty days from the date of the entry of a judgment of foreclosure by market sale in accordance with said section, right-of-first-refusal law days in order of priority pursuant to which the subordinate lienholders may seek to preserve their interest in the equity in the residential real property by tendering to the person appointed to make the sale pursuant to section 49-24f the amount of the agreed upon price in the purchase and sale contract.
If a subordinate lienholder takes no action to preserve such lienholder's interest in such equity on such lienholder's designated right-of-first-refusal law day, such lienholder's subordinate lien shall be extinguished upon passage of such law day. If a subordinate lienholder's action to preserve such lienholder's interest in the residential real property results in such lienholder purchasing such property, the purchaser indicated in the contract for the market sale executed in accordance with section 49-24e shall be entitled to reimbursement from the proceeds of the market sale of any costs and expenses associated with such contract as determined by the court pursuant to section 49-24f .