Pennsylvania Act 1876-2 — SALE OF REAL ESTATE FREE FROM LIENS

act-1876-0-21876 Pa. Act 2Law

Act text
SALE OF REAL ESTATE FREE FROM LIENS
                   Act of Feb. 17, 1876, P.L. 4, No. 2                Cl. 39
                                  AN ACT

     To enable assignees for the benefit of creditors to make sales
        of real estate encumbered by liens.

        WHEREAS, It frequently occurs in assignments for the benefit
     of creditors, where the assignor is the owner of a number of
     tracts of land, encumbered to such an extent that it is
     impossible to ascertain definitely whether a sufficient amount
     can be realized to discharge all the liens, whereby the titles
     made by the assignees are regarded as doubtful, and the
     assignees are thereby unable to make advantageous sales of said
     real estate; therefore,
        Section 1.  Sale of real estate free from liens
        In all assignments for the benefit of creditors it shall and
     may be lawful for the several Courts of Common Pleas of this
     Commonwealth, upon application of the assignees of insolvent
     debtors, setting forth that the personal estate is insufficient
     for the payment of the debts, and the real estate encumbered
     with liens to such an extent as to render it difficult to
     determine whether the same can be sold for enough to pay all the
     liens as aforesaid, to grant an order, where the said court
     shall deem it for the manifest interest of all parties
     authorizing and empowering the said assignees to make public
     sale of such real estate, or so much thereof as shall be deemed
     necessary, at such place and upon such terms as the said court
     shall direct; of which sale notice shall be given twenty days
     prior thereto, by hand bills and publication in at least two
     newspapers in the county where said lands are situated, should
     two newspapers be published in said county, one of which may be
     german, if such be published in the county; which sale or sales,
     after being confirmed by said court, shall discharge all liens
     against the real estate so sold, excepting that where the lien
     of a mortgage upon real estate is or shall be prior to all other
     liens upon the same property, except other mortgages, ground
     rents, and the purchase money due the commonwealth, the lien of
     such mortgages shall not be destroyed or in any way affected by
     any sale made by virtue or authority of any sale made under the
     provisions of this act; and the proceeds arising therefrom shall
     be appropriated to liens extinguished by virtue of such sale
     according to their priority: Provided, before said sale is
     authorized the assignee or assignees shall file a bond with two
     approved sureties, in double the estimated value of said real
     estate, conditioned for a faithful appropriation of the proceeds
     thereof: and provided further, that the court shall require such
     proof of notice of such intended application to have been given
     to the lien creditors or their attorneys, as said court shall
     deem sufficient to give said lien creditors an opportunity to be
     heard touching said order of sale.  1876, Feb. 17, P.L. 4, Sec.
     1.
        Section 2.  Stay of execution; extending order of sale or
     awarding alias
        Whenever said court shall grant an order of sale as
     aforesaid, said court may order a stay of execution on all liens
     that may be divested by such sale by the assignee, until said
     order shall be expended or revoked: Provided, That it shall be
     lawful for said court to extend any order of sale granted as
     aforesaid, or to award an alias or pluries order of sale.  1876,
     Feb. 17, P.L. 4, Sec. 2.

Continue your research in ChatGPT or Claude

Connect Omnilex to search the legal corpus from your AI assistant.