110: Mode of payment for movable property when sale is subject to confirmation

Mode of payment for movable property when sale is subject to confirmation.– (1) In case of sale of movable property, other than perishable articles, the party who is declared to be the purchaser shall be required to deposit immediately twenty-five per centum on the amount of his bid, and in default of such deposit the property shall forthwith be again put to auction and sold. (2) The full amount of purchase-money shall be paid by the purchaser before the close of the seventh day after he is informed of the sale having been confirmed, or, if the said day be a [Friday] or other holiday, then before the close of the first working day after such day. (3) On receipt of the full amount of the purchase-money, the purchaser shall be granted a receipt for the sale, and the sale shall become absolute as against all persons whomsoever.

Effective date: 1967-12-07

Related sections