Local Rule RULE 6004-1: SALE OF ESTATE PROPERTY

RULE 6004-1 SALE OF ESTATE PROPERTY

(a) Appraisal Filed With the Court Prior to Sale. The appraisal prepared by a Court-appointed appraiser shall be filed not later than seven (7) days prior to the return date of the motion to approve the sale of the appraised property, unless the Court orders otherwise. Property subject to an appraisal shall not be sold until the appraisal has been filed with the Clerk and served upon the United States trustee.

(b) Access and Confidentiality of Filed Appraisal. A confidential appraisal may be submitted in paper format to the Clerk in a sealed envelope marked "CONFIDENTIAL APPRAISAL." The envelope shall also include the complete caption of the case/proceeding and identification of the property appraised. The Clerk, the United States trustee and the appraiser shall maintain the confidentiality of the appraisal, unless the Court directs otherwise.

(c) Contents of Sale Motion. In addition to the requirements set forth in LBR 6004-2(b) and LBR 6004-3(a), if applicable, a motion to sell estate property shall contain the following, unless the Court orders otherwise:

(1) A description of the property;

(2) The name and address of the buyer;

(3) The sale price, and whether the sale is an arm's-length transaction;

(4) Marketing efforts;

(5) The name of each lien holder and amount of each lien;

(6) Whether the sale is free and clear of liens and encumbrances, or is subject to liens and encumbrances;

(7) Whether the proceeds will be subject to any exemption by the debtor, and if so, the amount and nature of the exemption;

(8) The estimated benefit to be realized by the estate from the sale;

(9) That the sale is subject to higher or better offers at the hearing; and

(10) The proposed attorney's fee payable upon sale, a list and explanation of other proposed deductions from the sale proceeds, and the approximate amount of closing costs.

(d) Sale of Firearms. A motion or application to sell a firearm requiring a license shall state that the proposed purchaser holds a valid license. A sale will not be approved unless proof that the purchaser has the required license is filed with the Court.