277.
Deposit by the Purchaser:1) The person declared to be the purchaser shall pay immediately by way of a deposit at
least twenty per cent of the purchase price.
2) If the purchaser defaults, the property shall be resold forthwith at his peril.
3) Where the decree holder is the purchaser the Court may dispense with the deposit.
278.
Payment of Price in Full:1) The full amount of purchase money payable shall be paid within fifteen days from the
date of sale.
2) Where the decree holder is the purchaser the Court may allow him to take into
account any amount which is due to him in execution.
279.
Default of Payment:In default of payment of the purchase money within the time fixed, the Court may order
the forfeiture of the deposit and the resale of the property after publication at the
defaulting purchaser’s peril and the defaulting purchaser shall forfeit all claims to the
property or to any part of the sum for which it may subsequently be sold.
280.
Bid of Co-Owner:Where the property sold is a share in an undivided immovable property, and two or more
persons, of whom one is a co-owner, respectively bid the same sum for such property, the
bid shall be deemed to be the bid of the co-owner.
281.
Setting Aside the Sale on Deposit:1) where immovable property has been sold in execution, any person, either owning
such property or holding an interest therein by virtue of a title acquired before such
sale, may apply within thirty days of the date of sale to set aside the sale on his
depositing in Court:(a) for payment to the purchaser a sum equal to 15% percent of the purchase
price; and
(b) for payment to the decree holder the amount for the recovery of which the
sale was ordered and the costs.
2) Where a person applies under this section to set aside the sale of his immovable
property, he shall not, unless he withdraws his application, be entitled to make or
prosecute an application under this section.
3) Nothing in this section shall relieve the judgement debtor from any liability he may
be under in respect of costs and interest not covered by the notice of sale.
60
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