54-10-10. Value of security, determination by liquidator's sale of assets--Order of sale, requirements.
127 words·~1 min read·
/sd/title-54/chapter-54-10/54-10-10·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Under the circumstances described by § 54-10-7 , the court may order the value of the security determined by liquidator's sale of the assets which, when completed and approved by the court, shall pass to the purchaser good title, free and clear of all liens of the secured creditor, such liens to be transferred to the proceeds of the sale. The order of sale may be either
(1)Conditional, requiring the sale to be made by the liquidator only if the secured creditor does not complete a determination by collection or creditor's sale as set forth in §§ 54-10-5 and 54-10-6 within a time fixed by the court; or
(2)Absolute, requiring the sale to be made by the liquidator within a time fixed by the court.