RS 9:3161 Resale for non-compliance with bid; adjudicatee's liability for deficiency - Louisiana Statutes

§3161.  Resale for non-compliance with bid; adjudicatee's liability for deficiency

In all cases of sale by auction, whether of movables or immovables, if the person to whom adjudication is made, does not pay the price at the time required, agreeably to the two preceding articles, the seller at the end of ten days, and after the customary notices, may again expose to public sale the thing sold, as if the first adjudication had never been made; and if at the second crying, the thing is adjudged for a smaller price than that which had been offered by the person to whom the first adjudication was made, the latter remains a debtor to the vendor, for the deficiency and for all the expenses incurred subsequent to the first sale.  But if a higher price is offered for the thing than that for which it was first adjudged, the first purchaser has no claim for the excess.  

Redesignated by Acts 1993, No. 841, §2, eff. Jan. 1, 1995.