Section 152. Conditions of sale  


Latest version.
  • At  a  sale under such foreclosure the
      comptroller shall require the purchaser to pay, at the time of the sale,
      the costs and expenses thereof, and at least one-fourth of the amount so
      unpaid; and for securing the remainder of the moneys due the  state,  on
      the  execution  of a deed or of the affidavits of sale to the purchaser,
      he may accept from the purchaser a bond and mortgage to the state on the
      premises sold, payable in six  equal  annual  instalments,  with  annual
      interest at six per centum. If the mortgaged premises sell for a greater
      sum  than  the  amount so unpaid and the costs and expenses of the sale,
      the comptroller shall also require the purchaser at the time of the sale
      to  make  payment  of  such  surplus.  The  expense  incurred   by   the
      attorney-general  in any action or proceeding for the foreclosure of any
      such mortgage, shall be paid to him out of the treasury.