Local Rule E: ADMIRALTY SALES
S.D. Tex. — Civil rule
E. ADMIRALTY SALES - In the absence of conflicting requirements in the order of sale, these are the procedures for sales of property under marshal's seizure in admiralty actions:
E.1. Notice. The notice of sale shall be published in a daily newspaper of general circulation in the division of the seizure on at least four days, between three and thirty-one days before the sale date.
E.2. Payment.
A. Payment to the marshal shall be by cash, cashier's check, or certified check; acceptance of cashiers' checks is conditioned on their payment.
B. Accepted bids of less than $1,000 shall be paid to the marshal on their acceptance.
C. For accepted bids of $1,000 and more, the higher of ten percent of the bid or $1,000 shall be deposited immediately and be paid in full within 7 days of the sale. If an objection is filed within the 7 days, the buyer may defer payment of the balance until the sale is confirmed. (Amended by General Order 2009-17, effective December 1, 2009).
E.3. Default. If the buyer does not pay the bid on time, (1) the deposit is forfeited to the action, applied to costs, then paid to the registry; and (2) the Court may accept the second bid or order a new sale.
E.4. Objections.
E.4.1. Time. Objections must be written and filed with the marshal within 7 days of the sale date. (Amended by General Order 2009-17, effective December 1, 2009).
E.4.2. Deposit. Objections shall be accompanied by a cost deposit of seven days of estimated expenses of custody.
E.4.3. Disposition.
A. If sustained, the deposits by the bidder and objector will be refunded immediately.
B. If overruled, the balance of the objector's deposit that remains after deduction of the expenses of custody from the day of the objection until the day of the confirmation will be paid to the objector.