RS 41:134

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RS 41:134

§134. Sale; minimum prices

A. The land so advertised shall be sold by the sheriff of the parish where the land is located. The sale shall be at the principal door of the court house between the hours of eleven o'clock A.M. and four o'clock P.M. and shall be to the last and highest bidder.

B. The register shall fix the minimum price in all advertisements under this Chapter based on an appraisal of the property to be made by a person who shall be appointed by the register. The register shall pay the appraiser a reasonable compensation to be fixed by the register who shall be reimbursed for such compensation out of the moneys from the sale of such property. Based upon the appraisal thus made the register shall determine and fix a fair and reasonable price which shall constitute the minimum price which will be accepted. Nothing less than such minimum price shall be received for the property at the sale.

C. The sheriff making the sale shall make a provisional deed to the last and highest bidder, who has complied with his bid by paying the price of the adjudication. Upon surrender of this provisional deed to the register of the state land office or the president of the levee board, as the case may be, the holder thereof shall be entitled to a patent signed by the register or the president of the levee board, and the governor of the state.

D. Notwithstanding any provisions of law, or this Section, when the register of the state land office determines that the disposition of state-owned immovable property by sheriff sale is not in the best interest of the state, the register of the state land office may conduct such a sale by utilizing sealed bids. The sale may be confected to the highest bidder at a price not less than ninety percent of the appraised value; however, prior to such a sale, the register of the state land office shall advise the House Committee on Natural Resources and Environment and Senate Committee on Natural Resources of its reasons for utilizing sealed bids to dispose of the property.

Amended by Acts 1960, No. 568, §1; Acts 1987, No. 887, §1; Acts 2008, No. 580, §5; Acts 2010, No. 282, §1.