Section 163: Forfeiture of deposit
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
163. Forfeiture of deposit
Where the biddings at the resale by public auction do not exceed one
tenth of the price stipulated in the deed of sale, the sum deposited under
section 158 shall be forfeited, and shall be added to the price stipulated in
the deed, to be distributed in accordance with the law.
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Questions this section answers
- What happens to a creditor's deposit if the resale bids do not beat the original price by a tenth?