SECTION 150

The sale of immovable property shall take place following the conditions prescribed for repossession of property except in case where such repossession is subject to extrajudicial execution clause in accordance with the Uniform act on Security Interests. However, the receiver shall, after receiving the observations of the controllers, where they have been appointed, and hearing the debtor and the trustee duly summoned to give explanations, shall set the price and the main conditions of sale and determine the terms and conditions of publicity. The receiver may, under the same conditions, where the content of the property, its location and bids received enable an amicable assignment, authorize the sale, either by amicable auction on the upset price which he shall fix under conditions which he shall determine. Where, within a period of three (3) months following the assets liquidation judgment, the trustee has not initiated the procedure for the sale of the immovable property, a secured creditor may exercise or recover his right to institute an individual lawsuit and shall report to the trustee thereon. The Public Treasury, customs services and security and social insurance agencies shall have the same right to recover their preferential claims which they shall exercise under the same conditions as the mortgagees. Auction sales carried out in pursuance of the preceding paragraphs shall entail redemption of mortgages. The trustee shall distribute the proceeds of the sales and arrange order among the creditors subject to disputes brought before the competent court.