§ 2001. — Sale of realty generally.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 28USC2001]
TITLE 28--JUDICIARY AND JUDICIAL PROCEDURE
PART V--PROCEDURE
CHAPTER 127--EXECUTIONS AND JUDICIAL SALES
Sec. 2001. Sale of realty generally
(a) Any realty or interest therein sold under any order or decree of
any court of the United States shall be sold as a whole or in separate
parcels at public sale at the courthouse of the county, parish, or city
in which the greater part of the property is located, or upon the
premises or some parcel thereof located therein, as the court directs.
Such sale shall be upon such terms and conditions as the court directs.
Property in the possession of a receiver or receivers appointed by
one or more district courts shall be sold at public sale in the district
wherein any such receiver was first appointed, at the courthouse of the
county, parish, or city situated therein in which the greater part of
the property in such district is located, or on the premises or some
parcel thereof located in such county, parish, or city, as such court
directs, unless the court orders the sale of the property or one or more
parcels thereof in one or more ancillary districts.
(b) After a hearing, of which notice to all interested parties shall
be given by publication or otherwise as the court directs, the court may
order the sale of such realty or interest or any part thereof at private
sale for cash or other consideration and upon such terms and conditions
as the court approves, if it finds that the best interests of the estate
will be conserved thereby. Before confirmation of any private sale, the
court shall appoint three disinterested persons to appraise such
property or different groups of three appraisers each to appraise
properties of different classes or situated in different localities. No
private sale shall be confirmed at a price less than two-thirds of the
appraised value. Before confirmation of any private sale, the terms
thereof shall be published in such newspaper or newspapers of general
circulation as the court directs at least ten days before confirmation.
The private sale shall not be confirmed if a bona fide offer is made,
under conditions prescribed by the court, which guarantees at least a 10
per centum increase over the price offered in the private sale.
(c) This section shall not apply to sales and proceedings under
Title 11 or by receivers or conservators of banks appointed by the
Comptroller of the Currency.
(June 25, 1948, ch. 646, 62 Stat. 958; May 24, 1949, ch. 139, Sec. 99,
63 Stat. 104.)
Historical and Revision Notes
1948 Act
Based on title 28, U.S.C., 1940 ed., Sec. 847 (Mar. 3, 1893, ch.
225, Sec. 1, 27 Stat. 751; June 19, 1934, ch. 662, 48 Stat. 1119; Apr.
24, 1935, ch. 77, Sec. 1, 49 Stat. 159; June 19, 1935, ch. 276, 49 Stat.
390).
A provision making the section applicable to pending proceedings was
deleted as obsolete.
The term ``court of the United States'' is defined in section 451 of
this title.
Changes were made in phraseology.
1949 Act
This section corrects a typographical error in subsection (a) of
section 2001 of title 28, U.S.C.
Amendments
1949--Subsec. (a). Act May 24, 1949, corrected spelling of
``ancillary'' in second par.
Section Referred to in Other Sections
This section is referred to in sections 2004, 3201, 3202 of this
title.
