At the request of the trustee or the proceedingscreditor,the receiver authorizing the sale of immovable property pursuant to Article 150 above shall state in the decision:
1) the upset price of each property for sale and the conditions of sale; where the sale is proceeded by a creditor, the upset price shall be determined in an agreement with the proceedingscreditor,after duly hearing the trustee.
P. 94 of 139
2) the number(s) of property titles and the location of the immovable property being sold or, in case of immovable property not yet registered, their precise description as well as a copy of the decision or act authorizing the proceedingscreditorto request the registration;
3) publicity terms considering the value, nature and location of the property.
4) The commissioned notary, where necessary.
The receiver may specify that in the event auction sales do not reach the upset price, the sale could be carried at a lower upset price which he shall fix. He may, where the value and content of the property so justify, carry out a total or partial appraisal of the property.
Unofficial translation
Transcription: Spot-checked
In force from 24-12-2015
Source page 93
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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