Form 29-6

This order accompanies the application for foreclosure of mortgaged property at form 29-5 in this chapter. The order allows the creditor to conduct a foreclosure sale of the property. See section 29.40:2 for discussion of preferred debt and lien foreclosure sales.

[Caption. See § 3 of the Introduction in volume 1 of this manual.]

Order Authorizing Sale of Mortgaged Property

On this date the Court considered [name of creditor]’s application to foreclose its lien on property of the estate. The Court finds that—

1.citation was issued and served according to law on the administrator of the estate and on all persons known to [name of creditor] to hold a lien against the property;

2.more than six months have elapsed from the time the Court issued letters of administration to [name of administrator];

3.[name of administrator] has failed to pay all accrued maturities as they have come due;

3.[name of administrator] has failed to perform the following terms of the debt: [describe default(s)];

4.the property sought to be sold is not exempt property; and

5.it is in the best interests of the estate to sell the property.

It is therefore ORDERED that [name of creditor] be allowed to foreclose its lien on the following property of the estate: [describe property as in form 29-5]. The property is to be sold at foreclosure sale according to the terms of the security agreement creating the lien and appli­cable law. The minimum acceptable bid at the foreclosure sale will be $________________. The property will be sold at [private sale/public auction] at [place of sale] on [date and time]. It is further ORDERED that, after the sale is made, a report of the sale be returned to this Court in accordance with law.

SIGNED on ________________________________.

   
JUDGE PRESIDING