Page:United States Statutes at Large Volume 31.djvu/1326

 1274 FIB rr-SIXTH CONGRESS. Sess. 11. os. sai. 1901. m*‘;s§ggl¤*m°“*°*“°W Sec. 538. ArPo1NTMENr or NEW TRUSTEE.—II1 case of the refusal of any trustee named in a deed of trust to secure a debt to accept the trusts thereby created, or of his resignation of said trust after accepting the same, which is hereby allowed, or of his removal from the District of Columbia, or of his inability to act, or for any other good cause shown, said trust being executed, it shall be lawful for any party interested in the execution of such trusts to apply to said court by petition, setting forth the appropriate facts and asking for the appointment of a new trustee in his place, and a like proceeding shall be had for the appointment of such trustee as in the case of the death of a trustee, as directed in sections five hundred and thirty-four and five _£'g,'§‘jg·0H existing hundred and thirty-seven aforesaid: Provided, That any rule to show trustee- cause issued in such case shall be served upon the existing trustee, as well as upon the parties interested in the trust, if he and they can be found within the said District. T“"’“°*“‘“"· Sec. 539. TERMS on SALE.—1f the length of notice and terms of sale are not prescribed by the mortgage or deed of trust, or be not left therein to the judgment or discretion of the mortgagee or trustee, any person interested in such sale may apply to the court, before such sale is advertised, to fix the terms of sale and determine what notice of sale shall be given, which terms shall be such as to secure to the creditor the payment of his debt in cash as nearly as may be consistent with justice; and the determination of the court in the premises shall _ be binding on all parties in interest. ,,§,€lj,Y,‘§pY;i"§g,”I$§; Sec. 540. INJUNor1oN AGAINST sALn.——If any party interested and ve¤¤<>¤ efeele- duly notified of an intended sale under any mortgage or deed of trust, as directed in section five hundred and thirty-nine aforesaid, shall fail to make application to the court to prevent such sale within the time covered by such notice, Such party shall not be entitled afterwards to be relieved against such sale except upon the conditions that a satisfactory excuse be shown for the delay in making application therefor, and all expenses incurred in and about such sale or attempted sale be first paid by him and a valid defense against the foreclosure of said mortgage or deed of trust be shown. m{;$““°“°“ eeeieet Sec. 541. No sale under a mortgage or deed of trust shall be enjoined on the ground that the amount claimed by the creditor secured thereby is in excess of the true amount due him, unless the party seeking such relief shall set forth and show what amount is justly due and shall oifer to pay the amount so admitted to be due. D€"“" ¤°"° bid- Sec. 542. Dnnron Nor sro B11).-At any sale made under a mortga e or deed of trust the debtor or other person owning the property and for whose default the sale is made shall not be allowed to bid: __§g’§§g,¤€r_ Provided, That this shall not be construed to prohibit a part owner from bidding at such sale in order to acquire title to the entire property sold. M°"g‘*g€" "“Y“‘g· Sec. 543. "B/IORTGAGEE BUY1No.—At any sale under a mortgage, fairly made by the mortgagee, at public auction, the mortgagee him- _ self may buy in the property on account of the mortgage debt. C""“‘°‘ b“"‘“g· Sec. 54-4. Cnnnrron BUYING-.—Tf a creditor, for the payment of whose debt property shall be sold under a deed of trust, shall become the purchaser at such sale, he shall be entitled to credit the amount of the purchase money against the debt, and shall be only required to pay to the trustee the excess of the purchase money over his debt, together with such additional amount as may be necessary to defray the expenses of the sale. miggigggsw and °°m‘ Sec. 545. EXPENSES AND o0MM1SS10Ns.——An1ong the lawful expenses ` of a sale under_a mortgage or deed of trust is to be allowed a commission on the proceeds of sale to the mortgagee or trustee. \Vhere the mortgage or deed of trust does not fix the rate of commission the mortgagee or trustee shall be allowed a commission of five per centum on the first five hundred dollars and three per centum on the balance