SECTION 157

Within ten (10) days following the auction sale, any individual may make a maximum bid of one- tenth on the price by filing a statement with the court registry within the jurisdiction in which resides the notary who made the sale. The court registrar shall immediately forward the declaration to the receiver. The maximum bidder shall denounce such statement by a bailiff writ or by any means proving actual receipt of the communication by the addressee or sent at the residence of the bidder within ten (10) days and shall inform the notary of the statement. The receiver shall, through a decision approving the maximum bid, refer the new bid to the same notary who shall carry out the sale according to the terms of reference previously drawn. Where a second bid is made after a maximum bid, no other maximum bid may be made on the same property.