Local Rule LAR 64.6: Sales

LAR 64.6 Sales

(A) Notice. Unless otherwise ordered by the court or otherwise provided by law, notices of sale of arrested or attached vessels or property must be published on three different days, the first of which must be published at least 14 days and the last at least three days before the day of the sale.

(B) Confirmation. In all public auction sales of admiralty by the marshal of this court, the marshal must require the last and highest bidder to whom the property is adjudicated to deposit a minimum of $500.00 or 10% of the bid, whichever is greater, in cash or certified check, or cashier's check on a local bank. In the event that the last and highest bid should be for an amount not in excess of $500.00, its full amount must be paid at the time of adjudication. The balance, if any, of the purchase price must be paid in cash or by certified or cashier's check on a local bank on or before confirmation of the sale by the court and within 14 days of the adjudication or dismissal of any opposition which may have been filed.

At the conclusion of the auction, the marshal must immediately report to the court the fact of the sale, the price brought, and the name of the buyer, and the clerk must endorse upon such report the time and date of filing. If within three business days no written objection is filed, the sale is confirmed, provided that no sale is confirmed until the buyer has performed the terms of his purchase. In the event no opposition to the sale shall have been made, the cost of keeping the property pending confirmation must be paid out of the proceeds of the sale; except that if the confirmation is delayed by the purchaser's failure to pay any balance which is due on the price, the cost of keeping the property must be borne by the purchaser after the three day period has lapsed. In the event an opposition to the sale is filed, the opponent must deposit with the marshal, in advance, costs of keeping the property pending the court's determination of the opposition; in default of his or her making the advance, his or her opposition fails without affirmative action by the court. If the opposition fails, the cost of keeping the property during its pendency is borne by the opponent.

At the auction, the marshal must take, record, and report the cost, the name and address of the second highest bidder, and the amount of that second highest bid. In the event that the highest bidder fails to meet his or her financial obligation pertaining to his or her bid, the court may, with the approval of the party or parties at whose instance the sale has been ordered, and of the second highest bidder, confirm the sale to the second highest bidder. [Amended February 1, 2011]