Deviation From Statutory Scheme In Sale Of Receivership Property

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The sale of real and personal property in a receivership estate is governed by 28 U.S.C. §§ 2001 and 2004, and both contain procedures for both a public and private auction of property. Regarding personal property, § 2004 provides that “[a] ny personalty sold under any order or decree of any court of the United States shall be sold in accordance with section 2001 of this title, unless the court orders otherwise.” Section 2001 provides the process pursuant to which real property may be sold under “any order or decree of any court of the United States.”

The sale of real and personal property in a receivership estate is governed by 28 U.S.C. §§ 2001 and 2004, and both contain procedures for both a public and private auction of property. Regarding personal property, § 2004 provides that “[a] ny personalty sold under any order or decree of any court of the United States shall be sold in accordance with section 2001 of this title, unless the court orders otherwise.” Section 2001 provides the process pursuant to which real property may be sold under “any order or decree of any court of the United States.”

Originally Published in ABI Journal - April 2014.

Please see full Publication below for more information.

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Topics:  Estate Planning, Receivership

Published In: Bankruptcy Updates, General Business Updates, Finance & Banking Updates, Commercial Real Estate Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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