Sec. 49-27. Disposal of proceeds of sale.
182 words·~1 min read·
/ct/title-49/chapter-846-mortgages/49-27·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The proceeds of each such sale shall be brought into court, there to be applied if the sale is ratified, in accordance with the provisions of a supplemental judgment then to be rendered in the cause, specifying the parties who are entitled to the same and the amount to which each is entitled. If any part of the debt or obligation secured by the mortgage or lien foreclosed or by any subsequent mortgage or lien was not payable at the date of the judgment of foreclosure, it shall nevertheless be paid as far as may be out of the proceeds of the sale as if due and payable, with rebate of interest where the debt was payable without interest, provided, if the plaintiff is the purchaser at any such sale, he shall be required to bring into court only so much of the proceeds as exceed the amount due upon his judgment debt, interest and costs.
In the case of a foreclosure by market sale, the person appointed to make the sale shall bring the proceeds of the market sale into court.