Wyoming Amends Provisions Regarding Foreclosures

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The state of Wyoming recently amended its provisions relating to the sale and redemption of realty sold under mortgage foreclosure or execution. These provisions are effective on July 1, 2019.

Except as provided with respect to agricultural real estate, the amended provisions require the issuance of a certificate of redemption if certain real property is redeemed, namely, real property sold by virtue of an execution, decree of foreclosure, or foreclosure by advertisement and sale within three months from the sale date.  The amended provisions also modify the definition of “agricultural real estate” (for which the current law provides an extended redemption period) to include any property that is used substantially for agricultural purposes, which, if combined with other property in the mortgage that is used substantially for agricultural purposes, equals 80 acres or more in the aggregate.  Finally, the amended provisions authorize a purchaser of property at foreclosure to enter the premises for limited purposes if not legally occupied.

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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