60-2415. Sheriff's return of sale. (a) Certificate of purchase. The sheriff shall at once make a return of all sales made under this article to the court. All taxes due or delinquent shall be noted on the sheriff's return. If the court finds the proceedings regular and in conformity with law and equity, it shall confirm the same, direct the clerk to make such entry upon the journal and order the sheriff to make to the purchaser the certificate of sale or deed provided for in this article.
(b) Equity powers of court. The court may decline to confirm the sale where the bid is substantially inadequate, or in ordering a sale or a resale, may, in its discretion, if conditions or circumstances warrant and after a proper hearing, fix a minimum or upset price at which the property must be bid in if the sale is to be confirmed; or the court may, upon application for the confirmation of the sale, if it has not theretofore fixed an upset price, conduct a hearing to establish the value of the property, and as a condition to confirmation require the fair value of the property be credited upon the judgment, interest, taxes and costs. A sale for the full amount of the judgment, taxes, interest and costs shall be deemed adequate.
History: L. 1963, ch. 303, 60-2415; L. 1988, ch. 219, § 2; July 1.
Source or prior law:
(a). G.S. 1868, ch. 80, § 458; L. 1893, ch. 109, § 26; L. 1909, ch. 182, § 500; R.S. 1923, 60-3463.
(b). L. 1933, ch. 218, § 1.
Cross References to Related Sections:
Return of sale of personal property in foreclosure of security interest, see 60-1008.
Foreclosure of security interest in limited actions, see 61-3702.
Law Review and Bar Journal References:
Equity powers of courts in foreclosure cases, Judge C. W. Ryan, 1 J.B.A.K. 301, 303 (1933).
"The Kansas Foreclosure Process: Adapting the System to the Changing Real Estate Finance Market," Jason M. Zager, 53 K.L.R. 1281 (2005).
CASE ANNOTATIONS
Prior law cases, see G.S. 1949, 60-3463, 60-3463a and the 1961 Supp. thereto.
1. Subsection (b) mentioned in upholding use of equitable considerations under K.S.A. 72-6776. Unified School District No. 255 v. Unified School District No. 254, 204 Kan. 282, 288, 463 P.2d 499.
2. Trial court had no discretion to confirm sale and also disallow deficiency judgment; deficiency is simply a mathematical calculation. Federal Land Bank of Wichita v. Cummings, 12 Kan. App. 2d 134, 137, 138, 735 P.2d 1110 (1987).
3. Cited; order of sale issued in mortgage foreclosure action as nonappealable order under K.S.A. 60-2102 noted. Valley State Bank v. Geiger, 12 Kan. App. 2d 485, 486, 748 P.2d 905 (1988).
4. Trial court erred in allowing mortgagee purchaser automatic deduction for speculative holding and carrying costs; "fair value" defined. Olathe Bank v. Mann, 17 Kan. App. 2d 112, 115, 116, 834 P.2d 1365 (1992).
5. Mortgagee's anticipated holding costs not deductible from fair market value to determine fair value. Olathe Bank v. Mann, 252 Kan. 351, 363, 845 P.2d 639 (1993).
6. Trial court may refuse to confirm a sheriff's sale if evidence shows bid substantially inadequate. Farm Credit Bank of Wichita v. Zerr, 22 Kan. App. 2d 247, 255, 915 P.2d 137 (1996).
7. Trial court erred in failing to have evidentiary hearing on issue of whether to confirm sheriff's sale. Cimmarron Feeders v. Bolle, 28 Kan. App. 2d 439, 17 P.3d 957 (2001).
8. In foreclosure sale of real estate, notice by publication is adequate; no requirement for first mortgagee to give personal notice of sale to second mortgagee. Alliance Mortgage Co. v. Pastine, 33 Kan. App. 2d 442, 104 P.3d 405 (2005).
9. District court's order confirming sale vacated with directions to consider invocation of equitable powers under K.S.A. 60-2415(b). Citifinancial Mortgage Co. v. Clark, 39 Kan. App. 2d 149-155, 177 P.3d 986 (2008).
10. State-court order confirming sheriff's sale of Chapter 13 debtor's home, entered after reinstatement of automatic stay, rendered void. In re Jackson, 452 B.R. 818 (Bkrtcy. D. Kan. 2011).
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