RULE 14-303. PROCEDURE PRIOR TO SALE
West's Annotated Code of MarylandMaryland Rules
MD Rules, Rule 14-303
RULE 14-303. PROCEDURE PRIOR TO SALE
(2) Trustee Appointed Under Certain Instruments. Unless otherwise ordered by the court, the trustee need not file a bond if the sale is for the benefit of either the grantor of the trust instrument or a person who paid a valuable consideration for the deed of trust and who is entitled to the proceeds of sale.
Cross reference: For payment of the premium of the bond out of the estate being administered, see Rule 10-702(f). See also Code, Commercial Law Article, ยง 15-103(a) concerning bond requirements before passage of title to an assignee for the benefit of creditors.
(b) Public Sale--Advertisement. Unless otherwise ordered by the court, a trustee proposing to make a public sale shall give notice by advertisement of the time, place, and terms of sale in a newspaper of general circulation in each county where any portion of the property is located. The notice shall describe the property to be sold sufficiently to identify it and shall be given as follows:
(c) Private Sale; Appraisal. Before making a private sale, the person proposing to make it shall file in the proceedings an appraisal made by a competent appraiser within six months before the date of sale. An appraisal need not be filed if the filing is excused by order of the court or if the sale is made by a personal representative of an estate administered in the circuit court under a will that grants a power of sale without expressly requiring an appraisal.
Source: This Rule is derived from former Rule BR3.
Credits
[Adopted June 5, 1996, eff. Jan. 1, 1997.]
MD Rules, Rule 14-303, MD R PROP SALES Rule 14-303
Current with amendments received through June 1, 2023. Some sections may be more current, see credits for details.
End of Document |