Book IV: Securities

Failing the agreement provided for in the preceding article, the third party purchaser may, once the sale has been published, purge the property of the right of pursuit attached to the mortgage. He must, either before the proceedings, or within one month of the first summons to pay made to him, notify the registered creditors of a deed in which he states that he is prepared to pay the mortgage…

Any registered creditor may, within forty days of the notification made to him, request the sale of the immovable by public auction, provided that he outbids by one tenth on the stipulated price or on the declared value, and that he provides security to the due amount.

The claimant creditor may not by his withdrawal, and even if he offers to pay the higher bid, prevent the public auction, unless all the other registered creditors consent. .

If no creditor requests the auction within the prescribed time and form, the value of the property is definitively fixed at the stipulated price or the declared value. The property is consequently released from all mortgages by the payment of this sum to the registered creditors, or by its deposit.

The sale by auction, if applicable, shall be carried out in accordance with the forms established by the Code of Civil Procedure, at the behest either of the creditor who requested it or of the third party purchaser.

The successful bidder is obliged, over and above his award price, to reimburse the third-party purchaser for the costs of his contract, including its publication, as well as those of notification and all other costs incurred with a view to purging.

A third-party buyer who becomes the successful bidder, and thus retains ownership of the property, is not required to have the adjudication judgment published. He has recourse against his seller for reimbursement of what exceeds the stipulated price and for interest on this excess from the day of its payment. .

If the third-party purchaser has acquired by the same deed, for a total price or separate prices, immovables and movables, or several immovables, only some of which are mortgaged, and which may or may not form the same holding, the price of each immovable subject to registration shall be declared in the notification provided for by article 2464, by breakdown, if applicable, of the total price. The overbidding creditor may…

If the immovable sold includes an immovable by destination encumbered by a pledge, the pledgee is treated in the same way as a registered creditor for the purposes of this sub-section. The third party purchaser may, once the sale has been published, purge the immovable by destination of the right of resale attached to the pledge pursuant to article 2464. The notification then indicates the price of the pledged immovable…