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Court Rule

N250B Assignments for Benefit of Creditors

(a) Sale of Assigned Real Estate. Application for an order to sell real estate by an assignee for the benefit of creditors shall be by petition setting forth a brief description of the property and the assessed valuation of each tract of land accompanied by a certified list of liens.
(b) Notice to Lien Creditors. Ten (10) days' notice of the intended application shall be given to all lien creditors, proof of said notice to be made at the time of the application. Similar notice shall be given of petitions for the reconveyance of assigned estates.
(c) Return Days of Orders of Sale. All orders of sale shall be made returnable to the second Monday of the second month next succeeding the granting of the order.
(d) Return and Confirmation. All returns of sale shall be accompanied by affidavit that the facts therein set forth are true and unless the assignee is authorized to bid and become a purchaser, that he is neither directly nor indirectly interested as purchaser of the property sold. Returns of sale shall, on presentation to the Court, be filed and confirmed nisi which confirmation shall become absolute without further order unless exceptions are filed thereto within fifteen (15) days.
(e) Bond. No order of sale shall issue until the bond required by the Act of Assembly shall have been actually filed and approved by the Court.
(f) Delivery of Deed. All purchase money shall be paid to the assignee and deed or deeds for the property sold shall be given to the purchasers immediately on the final confirmation of the return sale.
(g) Account on Final Confirmation. The assignee shall, within ten (10) days after final confirmation of the return of the sale and payment of the purchase money, file in the Prothonotary's office his account of the proceeds of the real estate so sold by him, together with the expense of sale, and attach thereto a schedule of distribution.
(h) Exceptions to Account. If exceptions are filed to such account or schedule of distribution thereto annexed within the time prescribed by these rules, the Court may in its discretion proceed to hear and determine the same or refer the case to an auditor.
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Created at 1/29/2016 8:49 AM by Vitek Gajewski
Last modified at 1/29/2016 8:49 AM by Vitek Gajewski
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