Title II: Property.

At the behest of the pursuing creditor, publicity formalities shall be carried out in accordance with the conditions laid down in the articles R. 322-30 to R. 322-38 of the Code of Civil Enforcement Procedures, specifying the amount of the higher bid.

The pursuing creditor shall draw up a schedule of conditions of sale which shall be deposited at the registry of the judicial court responsible for the sale. It contains: 1° A statement of the order setting the date of the sale and its publication; > >

The auction shall be conducted under the conditions provided for in Articles R. 322-39 to R. 322-63 of the Code of Civil Enforcement Procedures. No higher bid may be received. The reiteration of bids may be pursued under the conditions provided for in articles R. 322-66 to R. 322-72 of the same code.

In the event of default by the pursuing creditor or the third-party purchaser, subrogation may be requested by the registered creditors in the forms provided for by Article R. 311-9 of the same code. The pursuing creditor remains bound by his guarantee despite the subrogation.

When a creditor holding a published security interest over an immovable by destination forms an overbid, the sale is made by a ministerial officer authorised by his statute to conduct public auctions of tangible movables and, in the cases provided for by law, by sworn goods brokers. In the absence of a bidder, this creditor is declared the successful bidder for the amount of the reserve price. Payment of the…