Page:United States Statutes at Large Volume 49 Part 1.djvu/205

 160 74T H CONGRESS. SESS. I. CH. 77. APRIL 24, 1935. Private sales. "After a hearing of which notice to all interested parties shall be given by pub lication or oth erwise as the c ourt may direc t, the court may order and decree the sale of such real estate or interest in land or a ny part thereo f at private sa le for cash or other con- siderations and upon such terms and conditions as the court direct- ing the sale may approve, if it finds that the best interests of the Provisos . estate will b e cons erved thereby : Pro vid ed, That before confirmation firmation . srn pa lonsal before co n- of any private sale, the court shall appoint three disinterested per- sons to appraise said property or, if the court deems advisable, dif- ferent groups of three appraisers each to appraise properties of different classes or situate in different localities, and no private sale shall be confirmed at a price less than two-thirds of the appraised Terms of sale ; pub- value : Provided further, That before confirmation of any private lication. sale, the terms of such sale shall first be published in such newspaper or newspapers of general circulation as the court having jurisdiction Not confirmed, ifiO% may direct at least ten days before confirmation ; and such private increase offered. sale shall not then be confirmed by said court where a bona fide offer has been made, under such conditions as said court may pre- scribe, which offer shall guarantee at least a 10 per centum increase Pe nd ing cases in- over the offered price specified in such private sale. The provisions eluded. of this section shall apply to sales and proceedings now pending in the courts of the United States as well as those commenced here- Exceptions. after. The provisions of this section shall not apply to sales and proceedings under the Bankruptcy Act. Personal property " SEC. 2. All personal property sold under any order or decree of sales . any court of the United States shall be sold as provided in Section 1 of this Act, unless in the opinion of the court rendering such order Pending cases in- or decree, it would be best to sell it in some other manner . The eluded . provisions of this section shall apply to sales and proceedings now pending in the courts of the United States as well as those com- Exceptions. menced hereafter . The provisions of this section shall not apply to sales and proceedings under the Bankruptcy Act . Necessity of public " SEC. 3 . No sale of real estate ordered pursuant to the provisions notic e. of t his Act by any order, judgment, or decree of any United Sta tes court, other than a private sale, shall be had without previous pub- lication of notices of such proposed sale being ordered and had once a week for at least four weeks prior to such sale in at least one newspaper print ed, regularly i ssued, and havi ng a general c ircula- tion in the county, State, judicial district of the United States, or judicial circuit of the United States where the real estate proposed If property in differ- to be sold is situated, if such there be. If said property shall be ent districts. situated in more than one county, State, judicial district of the United States, or judicial circuit of the United States, such notice shall be published in one or more of the counties, States, judicial dis- tricts of the United States, or judicial circuits of the United States where said property is situated, as the court may direct. Said notice shall be substantially in such form and contain such description of the property by reference or otherwise as the court ordering the sale shall approve. The court may, in its discretion, direct that the publication of the notice of sale herein provided for be made in Pending cases in- such other newspapers as may seem proper. The provisions of this eluded. section shall apply to sales and proceedings now pending in the courts of the United States as well as those commenced hereafter Exceptions. in said courts. The provisio ns of this sec tion shall not apply to sales and proceedings under the Bankruptcy Act ." Approved, April 24, 1935.