Local Rule LBR 6004-1: Sale of Estate Property Not in the Ordinary Course of Business

Rule 6004-1 Sale of Estate Property Not in the Ordinary Course of Business

(a) Motion/Notice of Proposed Sale of Property (Subject to Liens or Free and Clear of Liens). When proposing to sell property other than in the ordinary course of business, the proponent of the sale must give notice in accordance with Fed. R. Bankr. P. 2002(a)(2), 2002(c)(1), and 6004(c) and must file a Certificate of Service with the clerk.

(b) Scope and Content of Notice. A motion/notice for the sale of property must include the following documents, as may be applicable: Title Study; Appraisal of the Property; Terms of the Sale (detailed closing fees and costs); Purchase Option or Sale Agreement; CRIM Debt Certification; and Debt Cancellation Payoff Amount. The notice must afford creditors, parties in interest, and affected parties and lienholders not less than twenty-one (21) days notice and opportunity to object to the proposed action, unless the court shortens the notice period upon appropriate request.

(c) Objection to Proposed Use, Sale or Lease. An objection to the proposed use, sale, or lease, not in the ordinary course of business, shall be filed with the court and served upon the proponent of the action not less than seven (7) days before the date set for the proposed action.

(d) Report of Sale. The trustee or debtor in possession shall file with the court a report of any sale of estate property not in the ordinary course of business. The report shall be filed within thirty (30) days after the sale with a copy to the United States trustee.