Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1862-02-20
Az Ael 70 Regulate tie Lesg 81
!. Executions and fresent the SIC.
rifice 81 Property. 49, =, (.

81. E&eeatioHS and i'reTen1lne est
! rifise 81 Property. s 5.,.z,.,s
SEcTroN l.. Be it enacted by til
General assembly .ofaMe. State 9,
Tsanessee, That it shall be tile du
ty of all collecting officers to frs
exhaust AL the real estate Of tn,
debtor before proceeding to, shSsc
the PERSONAL property, unless tn
debtor prefers levy first upon Thu
personal; Provided, that when ex
ecutions shall issue against the
principal and security, and, the
principal has no realz estate, then
Ethe officer lleyyins the same .sllall
be comprehensive levy f9n the per-
sonal estate of the. prinsipal before
goilig on the real, estate of the Sc,
cuflty.3 t.b II .3q 4 tiIF.sB "a
SEC 2: BE it further ,enaeted,
That in order to prevent the sac
rifiee of PROPERTY. Sold by5decree,
order of sale, or Execution for the
payment Of debts, MAt at aalisueh
sales, the property shall Bfii,g Mfee-i
.f5u,ths ol IFS value, to De assceIF-
famed iii the followiilg i,iafiii;er:|
The collecting officer OF officers,
conducting the sale, shall notify
the parties interested, the defend
ant or defendants or his ortheirs
agent or attorneys, who shall Sc
lect one disinterestcd person, dis
connected With either of the par
ties by lcens;snguinity or affinity,
thecreditor ol;creditors, their agent
or attorneys, who shall select an
other alike disihtercsted person,
and in case they cahnot agree, the
two persons SO chosen, shall select
THE third person, and they shall
pr6cdesf to value the property to
be sold at its market valt4 accor-
ding 81 the terms of sale, and re-
turn Such valuation in writing to
the officer OF Officers 50 conducting
tie sale, and therefore. the Sale
shall proceed. aid if no person will
give Mfae.76arths Of such assessed
valuation, then there SHAH be no
sale, unless the property valued
shall be real estate, then, and in
that case, the creditor, his Agent or !
attorney HAY bid the amount of
debt and costs, and on making such
bid, such real estate shall be sold, if
no other person will lid inbte, and
such real estate silasl- remain sub
iect to all the laws regulating re-
3emption of real estate POeuted,
that if the, purchaser does not bid
three. toa,ths of the va atieil Of
said land, lac shall not be entitled
u possession Of the laid until the .
TIME for redemption has expired;
but If demanded by eithersputy, i.
the collecting officer shah offer
such pIppeity fer sah a second
time. usider4 the s:lme rules and
restrictions liclein prSscrii,ed for,
the fisst;1 Ppcaiak twenty DAYS !
notice; mt sutliree tr more pli,iicI
PHASES shall x, given Of the time
and place of sale; Prornied, that
in case Tie plaintiff or defendants.
or their agents; Shall fail or re- :.
fuse to select persons to valoe said
as provided in this sec
ton, then, and In that case, 1t
shall be the the duty Of the COLLECT
ing officer to select them. oi..g.1
SEC. 3. BE it further enacted
THAT ANY executions or other pro
cess. levied in persuancerofr the.
preceding section npoh real prop,
rfts; Shall .senstitute Il lien upon
slid property so subjected until
said debt Is, paid Of otherwise Salts
fed ID; al i,et lt4 ~ 30 .,n
src. 4. Be it further cAacted; !
That. should no. one bid three
fourths of the appraised value of
So levied ON and offered
for sale under the secohd sectidii |
Of this act, it shall be the duty of |
tile collecting officer i'll such case
aftcr d Second failure, to sell such
property, or after the fist failure, (
should seebnd sale not he ordered, !
to proceed mile months thereafter,
to offer such property for sale un-
condifi5ilaily1 to the highest and
best bidder, after giving natice
thereof as now prescribed Ivy law
i'll tile case bf exeeuti8n sales and
in all cases involtlng personal or,
nioeeable prtperty; the defeiidaht
may execute a delivery bind, Con-
ditiOped to deliver the pf6peftyi
n.