Page:United States Statutes at Large Volume 104 Part 6.djvu/563

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PUBLIC LAW 101-647—NOV. 29, 1990 104 STAT. 4953 "(1) GENERAL PROCEDURES. —An execution sale under this section shall be conducted in a commercially reasonable manner— " (A) SALE OF REAL PROPERTY.— "(i) IN GENERAL. —(I) Except as provided in clause (ii), real property, or any interest therein, shall be sold, after the expiration of the 90-day period beginning on the date of levy under subsection (d), for cash at public auction at the courthouse of the county, parish, or city in which the greater part of the property is located or on the premises or some parcel thereof. "(II) The court may order the sale of any real property after the expiration of the 30-day period beginning on the date of levy under subsection (d) if the court determines that such property is likely to perish, waste, be destroyed, or otherwise substantially depreciate in value during the 90-day period beginning on the date of levy. "(Ill) The time and place of sale of real property, or any interest therein, under execution shall be advertised by the United States marshal, by publication of notice, once a week for at least 3 weeks prior to the sale, in at least one newspaper of general circulation in the county or parish where the property is located. The first publication shall appear not less than 25 days preceding the day of sale. The notice shall contain a statement of the authority by which the sale is to be made, the time of levy, the time and place of sale, and a brief description of the property to be sold, sufficient to identify the property (such as a street address for urban property and the survey identification and location for rural property), but it shall not be necessary for the notice to contain field notes. Such property shall be open for inspection and appraisal, subject to the judgment debtor's reasonable objections, for a reasonable period before the day of sale. "(IV) The United States marshal shall serve written notice of public sale by personal delivery, or certified or registered mail, to each person whom the marshal has reasonable cause to believe, after a title search is conducted by the United States, has an interest in property under execution, including lienholders, co-owners, and tenants, at least 25 days before the day of sale, to the last known address of each such person. "(ii) SALE OF CITY LOTS.— I f the real property consists of several lots, tracts, or parcels in a city or town, each lot, tract, or parcel shall be offered for sale separately, unless not susceptible to separate sale because of the character of improvements. "(iii) SALE OF RURAL PROPERTY.— I f the real property is not located in a city or town, the judgment debtor may— "(I) divide the property into lots of not less than 50 acres or in such greater or lesser amounts as ordered by the court; "(II) furnish a survey of such prepared by a registered surveyor; and