Section 39: Where mise à prix not covered
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.
39. Where mise à prix not covered
(1) Where there is no higher bid than the mise à prix of the execution
creditor, the property shall be adjudicated to him.
(1A) The mise à prix referred to in subsection (1) shall not be less than
half of the open market value of the seized property mortgaged determined
at the time of the transcription of the memorandum of seizure by an independent valuer appointed by the creditor.
(1B) The cost of valuation of the mortgaged property shall be borne by
the creditor.
(2) Where the execution debtor or an inscribed or judgment creditor
proves to the satisfaction of the Master that—
(a) the bid, or the highest covering bid, is much below the value of
the property; or
(b) there is a reasonable prospect that, if the sale is postponed to a
future day, a higher price will then be bid,
the Master may postpone the sale.
[S. 39 amended by s. 48 (b) of Act 10 of 2017 w.e.f. 24 July 2017.]
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Questions this section answers
- If nobody bids higher than the creditor's asking price, does the creditor get the property automatically?
- Is there a minimum price the property must be valued at before it can be sold this way?
- Can the sale be stopped if the highest bid is far below the property's real value?