6 DEFINITIONS AND OTHER GENERAL PROVISIONS

7
8 SECTION 1-101. SHORT TITLE. This [Act] may be cited as the Partition of

9 Tenancy-In-Common Real Property Act.

10 SECTION 1-102. DEFINITIONS. In this [act]section:

11 (a) HEIRS’ PROPERTY”Partition in kind” means the act of physically dividing real

12 property held jointly or in common by two or more persons into separately owned interests.:

13 (b) “Partition by sale” means that the court may order the whole or any part of the

14 property which cannot be divided advantageously to be sold, upon such terms and conditions and

15 as the court may order.

16 Reporter’s Note: We only received one response from those who proposed limiting the act to 17 some category of property called “Heirs’ Property” or “Heirship Property.” I disagree with the 18 proposed definition because I think it is significantly under inclusive of the range of property 19 owners who have been negatively impacted by the default rules on partition. This definition 20 would define “Heirship Property” as property that has the following attributes: 21 • Property that has passed by intestate succession with one possible extension to 22 include property that has passed from an original intestate heir to the current owner 23 by one or more gifts or testamentary transfers 24 • The land is agricultural or residential property with inherited business property 25 excluded with the possible exception that family farms be included if there is a cap 26 placed upon the value of the real property that would be covered by the Act. 27 We will have to revisit this issue of defining a subcategory of tenancy in common property and 28 see if we can agree upon some parameters that will satisfy a significant number of people on the 29 drafting committee. 30 31 (b) NEWSPAPER OF GENERAL CIRCULATION: A “newspaper of general

32 circulation” means a publication that:

1 (1) is published in newspaper format; 2 (2) is distributed at least once a week for at least 50 weeks each year within the 3 judicial district, excluding a period when publication is interrupted by a labor dispute or by a 4 natural disaster or other casualty that the publisher cannot control; and has a total paid circulation 5 or paid distribution of at least 500 copies, or 10 percent of the total population of the judicial 6 district, whichever is less; in this subparagraph, "judicial district" means the judicial district 7 where the place of sale is located; 8 (3) holds a second class mailing permit from the United States Postal Service; 9 (4) is not published primarily to distribute advertising; and 10 (5) is not intended primarily for a particular professional or occupational group. 11 (c) PRIVATE SALE: A private sale means a sale that is limited to the parties and under 12 which the property is sold to the highest bidder amongst the parties participating in the sale. 13 (d) PUBLIC SALE: A public sale means a sale not confined to the parties that is 14 conducted under fair market value conditions and in which the property is listed by a licensed 15 real estate broker or is listed as “for sale by owner” at a price that is no lower than the court16 approved appraised price for a period not to exceed six months or the average marketing time 17 then prevailing for real property in the relevant market whichever is longer. 18 Comment 19 Section 1-102(ab): See McCorison v. Warner, 859 A.2d 609, 614 (Conn.Super. 2004); 20 .Channer v. Cumming, 699 N.W.2d 831, 837 (Neb. 2005); Black's Law Dictionary (8th ed. 21 2004)Alaska Stat. § 09.35.140 (2008) 22 Section 1-102(b): See M.G.L.A. 241 § 31. 23 24 SECTION 1-103. APPLICABILITY. 25 (a) This Act applies to tenancy-in-common property only if:

1 (1) no written agreement among all the cotenants governs the ownership of the 2 property; 3 (2) a substantial number of the cotenants [___ percent or more of the interests are 4 held by cotenants who] are related by blood, marriage, or adoption; and 5 (3) one or more of the cotenants acquired their title from an ancestor who owned 6 an interest in the property. 7 (b) This [act] supplements existing law governing partition of tenancy-in-common 8 property. The principles of law and equity, including the law of real property, civil procedure, 9 and probate supplement the provisions of this [act], except to the extent inconsistent with this 10 [act] in which case this [act] governs. 11 12 13 PART 2 14 NOTICE AND KNOWLEDGE 15 16 SECTION 1-1043. UNKNOWN OR UNLOCATABLE PARTIES; SERVICE BY 17 PUBLICATION. Nothing herein contained limits or affects the right to serve any process in 18 any other manner now or hereafter provided by law or rule of court. Further, in addition to any 19 existing rule or rules regarding service by publication, a plaintiff in a partition action governed 20 by this Act must comply with the provisions of this section before service by publication will be 21 authorized. 22 In a partition proceeding, any person having a claim to or , interest or concern in the 23 property so as to be a necessary or proper party, who the plaintiff, after exercising due diligence, 24 is unable to locate or is unable to identify by name thereby remaining unknown, may be made

party to the action, provided:

(a)

No plaintiff shall be permitted to use, and no court shall authorize, service by publication for the purpose of notifying parties in interest who do not reside within the State but whose whereabouts are known or are capable of being known by a plaintiff exercising due diligence, irrespective of whether these interested parties reside in state or reside out of state.

(b)

In order for a court to order that a defendant be served by publication, the plaintiff must specifically allege in an affidavit the facts showing what due diligence the plaintiff exercised in attempting to locate unlocatable or unknown or unlocatable owners. The affidavit required by this paragraph shall set forth facts based upon the personal knowledge of the affiant concerning the methods, means, and attempts made to locate and to effect personal service on the unlocatable or unknown or unlocatable defendants, including the efforts made to utilize, review, or otherwise draw upon sources of information readily available to the plaintiff.

(c)

In addition to other requirements provided elsewhere, where the court orders service by publication, such order shall be subject to the following conditions:

(1)

The plaintiff shall post, not later than ten (10) days after the date the order is made, a copy of the summons and complaint in a conspicuous place on the real property that is the subject of the action and this summons and complaint shall remain posted on the subject property throughout the remaining duration of the partition action;

(2)

The plaintiff shall record, if not already recorded, a notice of the pendency of the action in the office of the recorder of deeds in the county or counties in which the real property or any portion thereof is situated [in the place designated by state law for the filing of a lis pendens]. The notice shall contain the name of the court where such action is pending, the names of all the parties to such action at the time of such recording, and a description of the real

property affected by the action.

(3)

The publication shall be addressed to any persons who is necessary to be made a party defendant who the plaintiff is unable to locate in his or her name followed by the words: “and his heirs or devisees, if deceased.” The publication shall also contain the name and address of the court, the docket number of the proceeding, the names of the parties, the character of the action, the name and contact information for the principal attorney for the plaintiff including the address and telephone number for this attorney, a description of the property, a notice directed and addressed to the party to be thus served, commanding him or her to appear and answer as in ordinary cases, and the date on or after which default may be entered against such party. Publishing notice in a newspaper of general circulation that is published nearest to the court in which the partition action was filed [nearest to the county in which the real property is located] for the number of times and within the timeframe required for the sale of real property upon execution. Said notice The shall description of contain the property shall include the street address or other common designation for the property, the legal description, the acreage of the property, and the number of buildings on the property., the number of acres. , a legal description of the property, a description of any improvements, the title of the court, the title of the case, the . names of the first named plaintiff and the first named defendant, the number of the case, the names of the parties to be served by publication, a command that the defendant appear and answer as in ordinary cases, and the date on or after which default may be entered against such party.

(4)

Nothing herein contained limits or affects the right to serve any process in any other manner now or hereafter provided by law or rule of court.

Comment

The enhanced notice by publication requirements are not meant to limit or affect the rights to serve process in any other way. HRS § 634-23 (5)

A number of state statutes require the plaintiff to exercise due diligence to locate or identify parties who may have a claim, interest, or concern with respect to certain litigation before the court will authorize service by publication. See, e.g., Ala. Code. §§ 35-6-25 & 35-6-44; Ga. Code Ann. § 9-11-4(f)(1)(A); Haw. Rev. Stat. § 634-23(2); N.C. Gen. § 46-3.1; and S.D. Codified Laws § 15-9-7.

As a general rule, the holder of a mortgage or other lien upon the undivided interest of a cotenant is not, in the absence of a statute stating otherwise, a necessary party to a suit for partition, since the lien is transferred to the interests in severalty allocated to the cotenants; however, such holder of a mortgage or other lien upon the undivided interest of a cotenant is a proper party provided that the mortgage or lien existed at the commencement of such proceedings. See 59A Am. Jur. 2d Partition § 95.

Section 1-104(b) The requirement that the plaintiff document the due diligence taken in attempting to locate unlocatable or unknown parties is found in a number of statutes. See, e.g., Ala. Code. §§ 35-6-25 & 35-6-44 (“the facts showing just what diligence the petitioner has exercised must be specifically alleged in the bill”); Ga. Code Ann. § 9-11-4(f)(1)(A); Haw. Rev. Stat. § 634-23(2); and S.D. Codified Laws § 15-9-7.

Section 1-104(b) “Sources of readily available information” includes information that may be contained in governmental offices, may be located on governmental or non-governmental internet sites on the internet, may be possessed by persons likely to know the defendant, or may otherwise be readily available to the plaintiff.

Section 1-1043(c)(1): See Cal. Code. Civ. Proc. § 872.320(a)

Section 1-1043(c)(2): See, e.g., A.C.A. § 16-59-101 (2008); Cal Code Civ Proc § 405.20; Cal. Code. Civ. Proc. § 872.320(b); C.R.S. 38-35-110; Conn. Gen. Stat. § 52-325 (requiring lis pendens “to be recorded in the office of the town clerk of each town in which the property is situated”)

Section 1-1043( c)(3): See Ala. Code § 35-6-25; Ga. Code Ann., § 9-11-4(f)(1)(A); LSA

C.C.P. Art. 4624; OH R.C. § 2329.23 .Alaska Stat. § 09.35.140 with respect to the language addressing newspaper of general circulation that is published nearest to the place of sale. Question: If there is to be a statement of the root of title, would that be the root of title as defined by state marketable title acts or some other period?

Section 1-103(c)(4): HRS § 634-23 (5)

1 ARTICLE 2 2 PARTITION IN KINDBY DIVISION AND PARTITION BY SALE 3 4 SECTION 2-201. ACTION FOR PARTITION BY DIVISION AUTHORIZED – 5 WHO MAY BRING. When two or more persons are interested, as tenants in common, in real 6 property in which one or more of them have an estate of inheritance or for life or years, an action 7 may be brought by one or more of such persons against the others for a partition by division 8 thereof according to the respective rights and interests of the parties interested therein, or for a 9 sale of such property, or a part thereof, if it appears that a partition by division cannot be had 10 without great prejudice to the parties. 11 Comment 12 Alaska Stat. § 09.45.260 (2007); Minn. Stat. § 558.01. 13 14 SECTION 2-2012. PARTITION BY SALE FACTORS. 15 (a) If a party requests that the property be partitioned by sale and it is alleged in the 16 complaint and establishesd by a preponderance of the evidence to the satisfaction of the court, 17 that the real property or any part of it is so situated that the partition in kind cannot be made 18 without great prejudice to all of the owners, taking into account the totality of the circumstances, 19 the court may order a sale thereof. The court may only order a partition by sale if a party 20 requests that the property be partitioned by sale. If a party does request partition by sale, 21 wWithout limiting the economic or non-economic factors that the court may consider in 22 decidingtermining whether a partition in kind of all of the property or some of the property as 23 provided for in Section 2-202 can be made without great prejudice to the owners, the court shall 24 consider the following factors:

(1a) whether the property is able to be divided between the party or parties seeking a partition by saledivision in kind and those seeking to remain tenants in common as well as the practicality of dividing the property in kind;

(2b) whether a partition in kindby division would apportion the property in such a way that the actual fair market value of the parcels resulting from the division, in the aggregate, would be materially less than the actual value of the property if it was sold as a whole based upon a valuation that takes into account the type of sale conditions under which the court-ordered sale would occur.

(3c) evidence of longstanding ownership by any individual cotenant as supplemented by the period of time that any person or persons that such a cotenant is or was related to by related by blood, marriage, or adoption who was in the chain of title ancestor or ancestors of such an existing cotenant owned an interest in the property;

(4d) any cotenant’s particular sentimental links with or attachment to the property, including any attachments arising out of the fact that the property has ancestralhistorical or other unique or special value to one or more of the co-owners;

(5e) the use being made of the property by any of the tenants in common and the degree to which this tenant in common would be harmed if he or she could not continue to use the property for these purposes, especially as it pertains to residential, or business, or agricultural uses; and

(6f) the degree to which the parties have contributed their pro rata share of the property taxes, insurance, and other carrying charges associated with maintaining ownership of the real property as well as the degree to which the parties have contributed to the physical improvement or physical the upkeep or, improvement of of the property, including any upkeep

1 related to protecting the interests of the cotenants against any person who has no legal claim to

2 the property but who attempts to use the property without the consent of the cotenants.

3 (b) In considering the factors set forth in Section 2-201(a)(1-6) as well as any other

4 economic or non-economic factor that the court may consider to be relevant, a court should not

5 consider any single factor to be dispositive, standing alone, but should instead weigh the totality

6 of the circumstances.

7 Comment

8 Section 2-201(a) This Llanguage in this section only permits a partition by sale to be 9 ordered if a party actually petitions the court for a partition by sale. In many cases, tenants in 10 common those who have owned real property who have sought a partition in kindby division 11 when it appeared to them that a partition in kindby division could be easily ordered, were 12 surprised that a court using an “economics only” analysis ended up ordering a partition by sale 13 which they did not seek and did not want as this was the worst option in their opinion. 14 15 Section 2-2012(ab)(2): See N.C. Gen. Stat. § 46-22(b). Property that is sold at public 16 auctions under forced sale conditions, like the conditions that prevail in a partition by sale, often 17 sells at a steep discount from the actual value of the property which in turn results in the property 18 owner losing wealth, sometimes substantial wealth. There are several empirical studies that 19 demonstrate that property sells at a severe discount from fair market value prices when the 20 property is sold under the type of forced sale conditions under which property is often sold under 21 a partition by sale. See, e.g., Marcus T. Allen, Discounts in Real Estate Auction Prices: 22 Evidence from South Florida, 69 APPRAISAL J. 38, 42 (2001) (finding discount between 13.3% 23 and 21.5%). Further, courts in many other areas of the law have distinguished between forced 24 sale value and fair market value. Therefore, one must consider the specific type of sales 25 conditions under which property would be sold at a partition by sale in order to evaluate whether 26 or not the winning bid would approximate the property’s fair market value and whether the 27 current owners would end up better off economically from a partition by sale as opposed to a 28 partition in kind. 29 30 Courts in Texas, for example, have indicated that property should be sold at its fair 31 market value at a partition sale. Grimm v. Beck, 237 S.W.2d 1017, 1018 (Tex. App. Ct. 1951). 32 Many courts have held that a partition by sale should only be awarded if such a sale would be 33 significantly more beneficial to the cotenants in economic terms than a partition in kind. Texas 34 courts have further indicated that a partition sale should only be ordered if it is more 35 economically beneficial to the owners than a partition in kind. See Jacobs v. Mada, 2007 TX 36 App. Ct. Briefs 832438, Aug. 8, 2007at **21-22. In Jacobs, the court stated: “Moreover, the 37 purpose of partitioning real estate by sale rather than in kind, the preferred method, is to restore 38 the maximum value of the separate property to its owners.” There are several empirical studies 39 that demonstrate that if property is sold under the type of forced sale conditions under which

1 property is often sold under a partition sale it will typically sell at a severe discount from fair 2 market value prices. Further, courts in many other areas of the law have distinguished between 3 forced sale value and fair market value. Therefore, one must consider the specific type of sales 4 conditions under which property would be sold at a partition sale in order to evaluate whether or 5 not the winning bid is likely to be at fair market value and whether the current owners would end 6 up better off economically from a partition sale as opposed to a division in kind. 7 8 Section 2-202(ac)(3): See Delfino v. Vealencis, 436 A.2d 27, 33 (Conn. 1980); Eli v. Eli, 9 557 N.W.2d 405, 409-411 (S.D. 1997); and Ark Land. Co. v. Harper, 599 S.E.2d. 754, 761-62 10 (W. Va. 2004). 11 12 Section 2-202(d): See Ark Land. Co. v. Harper, 599 S.E.2d. 754, 761-62 (W. Va. 2004); 13 Overstreet v. Overstreet, 692 So. 2d 88, 91 (1997); and Property (Co-ownership) Act 2005, Part 14 IV, § 229(2)(c), Victoria, Australia. 15 16 Section 2-202(e): See Delfino v. Vealencis, 436 A.2d 27, 33 (Conn. 1980); Property (Co17 ownership) Act 2005, Part IV, § 229(2)(c), Victoria, Australia. 18

19 SECTION 2-2023. PARTIAL DIVISIONPARTITION IN KIND AND SALE. Any

20 party may request the court to consider partition by sale of part of the property and partition in

21 kind of the remainder provided that such a request is made before the court considers If, in

22 making a determination whether partition in kindby division of the whole property can be made

23 without great prejudice to all of the owners under Section 2-201. 2, If the court finds, after

24 weighing certain economic and non-economic factors including those mandated by Section 2

25 201(a)(1-6)2-202, that sale and division of proceeds for part of the property would be more

26 equitable than a partition in kinddivision of the whole property or a partition by sale of the whole

27 property, the court may order that such part be sold and the remainder divided.

28 Comment

29 See, e.g., Cal. Code Civ. Proc. § 872.830; N.C. Gen. Stat. § 46-16; W. Va. Code § 37-4-3. 30

31 SECTION 2-203. SALE OF PART OR WHOLE OF PROPERTY; APPRAISAL.

32 (a) Should the court be of the opinion that a partition in kind of the real property by

division thereof cannot be made of the whole or a part of the property without great prejudice to the owners of the same, the court shall appoint a disinterested appraiser to perform an appraisal of the property to be sold. The appraiser who is appointed must be currently state-licensed or state-certified to appraise the type of property that is to be sold at the partition by sale. In addition, the appraiser must perform all of his or her duties and must practice in accordance with the Uniform Standards of Professional Appraisal Practice.must be state-licensed or state-certified to appraise the type of property that is to be sold at the partition sale [or designated a Member of the Appraisal Institute (MAI) and otherwise qualified to appraise the type of property that is to be sold at the partition sale]. After taking an oath administered by the judge, a magistrate, or the clerk of the court to appraise the property at its fair market value, the property must be appraised based upon its highest and best use assuming sole or unitary ownership of the fee simple estate but with deductions made for the amount of all liens and encumbrances against such real estate. Upon its completion, the appraiser al shall be filed his or her appraisal with the court.

(b) Within ten (10) days after the report of the appraisers is filed, the clerk of the court shall forward to each attorney of record, each party, and interested party of record, a copy of the report of the appraisers and a notice stating the time limits for filing an exception provided that any party must be given at least thirty (30) days from the receipt of the appraisal report to file such an exception. Any party to the action who shall have been adjudged by the court to have an interest in the real estate appraised, may contest said appraisal by filing an affidavit setting forth wherein said appraisal is incorrect and may also file with the court an appraisal paid for by themselves, provided such appraisal is conducted by an appraiser who possesses the requisite qualifications set forth under this section for a court-appointed appraiser. An evidentiary hearing limited to the proposed valuation of the property shall be conducted. In determining the value of

1 the real estate, the court may use its discretion in deciding upon how much weight to give to any 2 appraisal that was filed with the court and may also exercise its discretion to order a new 3 appraisal that it will consider before the court determines the property’s value. 4 Comment 5 Parts of this section are drawn from N.M. Stat. § 42-5-7. Disinterested appraiser 6 language drawn from Ill. § 735 ILSC 5/17-106; Minn. Stat. § 588.17; West Virginia § 37-4-3.; 7 Tenn. Code. Ann. § 29-17-1004. 8 9 Section 2-204(a): The alternative that makes a someone a Member of the Appraisal 10 Institute a qualified appraiser has been provided as an option for those states that may not have a 11 licensing or certification system in place for appraisers. 12 13 Should we include time limits for the appointment of the appraiser and the filing of the 14 report? 15 16 Section 2-2034(b): Language from 52 Okl. St. § 318.5. 17 18 SECTION 2-2045. APPOINTMENT OF COMMISSIONERS. 19 (a) The court [in its discretion or on the motion of any interested party may] [shall] 20 appoint three or more disinterested persons to be commissioners to divide or sell the property as 21 ordered by the court. If the court decides to appoint commissioners, tThe clerk of the court shall 22 forthwith notify the commissioners of their appointment, and shall deliver to one of them a 23 certified copy of the judgment of partition. 24 (b) The court in its discretion may appoint commissioners for a partition in kindby 25 division and commissioners for partition by sale if eitherboth of these remedies isare ordered, or 26 the court may appoint the same commissioners for a partition in kind and a partition by sale and 27 division if both remedies are ordered by the court. 28 (c) If the court appoints commissioners, these commissioners must be disinterested and in 29 any case may not be any of the following:None of the following persons shall be appointed a

1 commissioner under this title: 2 (1) A clerk or deputy clerk of the court. 3 (2) A former or present partner or employee of the judge. 4 (3) A relative within the third degree of the judge or the judge's spouse or the 5 spouse of such a relative. 6 (4) An owner of any interest in the property that is the subject of the action 7 together with any relative of any owner within the third degree. 8 (5) Any person who participates in the partition action on behalf of any party 9 whether as legal counsel, expert witness, or otherwise. 10 (d) The court may appoint as commissioners under this title any person or persons to 11 whose appointment all parties have consented. In the case of a minor party or a party for whom 12 a conservator of the estate has been appointed, the guardian or conservator of the estate of the 13 party may so consent. 14 (e) The commissioners shall be sworn by the judge, a magistrate, or the clerk of the 15 court,the sheriff or any deputy sheriff of the county, or any other person authorized to administer 16 oaths, to do justice among the tenants in common in respect to such partition action, according to 17 their best skill and ability. 18 Comment 19 The drafting committee should decide whether to make appointment of commissioners 20 mandatory or discretionary. The states are split on this matter. 21 22 Section 2-205(a): Cal. Code Civ. Proc. § 873.010. 23 24 Section 2-205(c): Cal. Code Civ. Proc. § 873.050. The first four requirements are from 25 Section 873.050 with the addition of the language barring “any relative of any owner within the 26 third degree.” 27 28 Section 2-205(e): See N.C. Gen. Stat. § 46-8. 29

1 ARTICLE 3

2 BUYOUT PROVISIONS

3

4

5 SECTION 3-301. BUYOUT WHEN PARTITION IN KIND DEEMED

6 INEQUITABLE. Where the court has determined that the real property, or any portion of it,

7 may not be partitioned in kindby division without great prejudice to all of the owners under

8 Section 2-2012 or Section 2-202, any one or more of the parties may inform the court within a

9 time so fixed by the court of their desire to purchase the property or the separate portion of it that 10 could not be partitioned in kindby division without great prejudice to all of the owners. 11 (a) If any one or more of the parties inform the court of their desire to purchase the 12 property subject to a partition by sale within the time fixed by the court, and there are no parties 13 in opposition to each other, the court shall give these parties at least forty-five (45) days to pay 14 into the court the amount by which the fair market value of the property as determined by the 15 court under Section 2-203 exceeds this party’s or these parties’ entitlement to a portion of the 16 proceeds of the sale. If thea party parties who areis given the opportunity to purchase the 17 property to be sold under the provisions of this section fails to pay into the court the fair market 18 value of the property within the time fixed by the court the purchase price for the property as set 19 in accordance with this section, the property will then be sold at a public sale or at public auction 20 as the court determines. 21 (b) If two or more parties, in opposition to each other, inform the court of their desire to 22 purchase the property within the time fixed by the court, the court shall exercise its discretion to 23 decide whether to award one or more of the parties the opportunity to purchase the property as 24 provided in this section to the exclusion of the party or parties in opposition to this party or these

parties. Without limiting the factors that the court may consider, the court shall consider the factors set forth in Section 2-201(a)(3)-(6)2(c)-(f), as well as the degree to which the parties own significantly unequal shares in the property. If the court determines that one a or more partiesy not in opposition to each other should be who is given the opportunity to purchase the property to be sold under the provisions of this section, the court shall give this party or these parties at least forty-five (45) days to pay into the court the amount by which the fair market value of the property as determined by the court under Section 2-203 exceeds this party’s or these parties’ entitlement to a portion of the proceeds of the sale. If such a party or parties fails to pay into the court the purchase price the fair market value of the property within the time fixed by the court, the court shall use its discretion to decide whether to allow any other party who had expressed an interest in purchasing the property an opportunity to purchase the property.

(c)

If under subsection (b) the court determines that the equities do not favor giving one or more partiesy the opportunity to purchase the property to the exclusion of any other party or parties who haves expressed an interest in purchasing the property, upon motion of any party, the court shall have the discretion to order a private sale that will be limited to all of the parties. Such a private sale between the parties shall be conducted upon the terms established by the court provided that the court shall establish a reserve price that is no lower than the court-approved appraisal price for the property.

(d)

Within 15 days after any private sale that occurs under this section, whomever the court vested with power to sell the property at the private sale shall report the sale to the court for confirmation and approval. The court may reject the sale and order a resale of the property for good cause shown.

(ed) If there is no party that is given the right to purchase the property under this section

1 that pays into the court the purchase price within the time fixed by the court or if a private sale

2 does not take place under subsection (c) either because the court chooses not to exercise its

3 discretion to order a private sale or because no party chooses to participate in any such court

4 ordered private sale then the property shall be sold under the procedures set forth in Article 4 of

5 this Act.