Foreclosure Sale

  1. Law
  2. Tennessee Code
  3. Proceedings in Chancery
  4. Bills in Chancery
  5. Decrees and Execution
  6. Foreclosure Sale

Checkout our iOS App for a better way to browser and research.

Where, upon the foreclosure of a mortgage or deed of trust, or in any case, the specified land to be sold is mentioned in the decree, the court, upon the application of the complainant, may order that:

  1. The property be sold on a credit of not less than six (6) months nor more than two (2) years;
  2. When the sale is made, reported and confirmed, no right of redemption or repurchase shall exist in the debtor or the debtor's creditors, but that the purchaser's title shall be absolute; and
  3. The surplus of the purchase money, or the bonds or notes taken for the purchase money, over and above what is necessary to pay the complainant's debt, be paid to the debtor or the debtor's other creditors entitled to the payment.

Code 1858, § 4489 (deriv. Acts 1832, ch. 36, § 2; 1833, ch. 47, § 2; 1837-1838, ch. 166, § 2); Shan., § 6306; Code 1932, § 10599; T.C.A. (orig. ed.), § 21-1208.

Cross-References. Injunction of sale, title 29, ch. 23, part 2.

Textbooks. Gibson's Suits in Chancery (7th ed., Inman), § 278.

Tennessee Jurisprudence, 16 Tenn. Juris., Judicial Sales, § 7; 21 Tenn. Juris., Redemption of Real Estate Sold for Debt, § 25.

Law Reviews.

Forms of Relief, 4 Mem. St. U.L. Rev. 400.

Tennessee Homeowners' Post Foreclosure Auction Right to Cure Under 11 U.S.C. §§ 1322(b) and (c), 27 U. Mem. L. Rev. 453 (1997).

Cited: Thomas v. Setliffe, 160 Tenn. 689, 28 S.W.2d 344, 1929 Tenn. LEXIS 143 (1930).


Download our app to see the most-to-date content.