RS 600.43 - Sale of property
A.(1) A local governmental subdivision, at the end of the receivership term, may petition the court to sell the property if the owner has not petitioned for reinstatement of ownership.
(2) The owner shall be served with a copy of the petition in accordance with the Code of Civil Procedure Article 1201 et seq. and be given an opportunity to respond.
B. Any sale of property pursuant to the provisions of this Section shall be for the fair market value of the rehabilitated property, but not less than the amount necessary to recoup the costs incurred in rehabilitating the property.
C. Any proceeds resulting from the sale in excess of the amount necessary to recoup the costs incurred in rehabilitating the property shall be returned to the property owner.
Acts 2006, No. 355, §1, eff. June 13, 2006.