A lien on an undivided interest of any party is a charge Court, and the amount thereof, together with the fees. allowed by the Court, in its discretion, to the referees, must be apportioned among the different parties to the action, equitably. 769. (§ 281.) When a lien is on an undivided interest or estate of any of the parties, such lien, if a partition be made, shall thenceforth be a charge only on the share assigned to such party; but such share such party. must first be charged with its just proportion of the costs of the partition, in preference to such lien. only on the share assigned to Estate for life or 770. (§ 282.) When a part of the property only years may is ordered to be sold, if there be an estate for life or be set off in a part of the property not sold, when not all sold. Application of proceeds of sale of incum bered property. Party holding other securities may be required first to exhaust them. years, in an undivided share of the whole property, such estate may be set off in any part of the property not ordered to be sold. 771. (§ 283.) The proceeds of the sale of incumbered property must be applied under the direction of the Court, as follows: 1. To pay its just proportion of the general costs of the action; 2. To pay the costs of the reference; 3. To satisfy and cancel of record the several liens in their order of priority, by payment of the sums due and to become due; the amount due to be verified by affidavit at the time of payment; 4. The residue among the owners of the property sold, according to their respective shares therein. 772. (§ 284.) Whenever any party to an action, who holds a lien upon the property, or any part thereof, has other securities for the payment of the amount of such lien, the Court may, in its discretion, order such securities to be exhausted before a distribution of the proceeds of sale, or may order a just deduction to be made from the amount of the lien on the property, on account thereof. 773. (§ 285.) The proceeds of sale and the securities taken by the referees, or any part thereof, must be distributed by them to the persons entitled thereto, whenever the Court so directs. But in case no direction be given, all of such proceeds and securities must be paid into Court, or deposited therein, or as directed by the Court. 774. (§ 286.) When the proceeds of the sale of any share or parcel belonging to persons who are parties to the action, and who are known, are paid into Court, the action may be continued as between such parties, for the determination of their respective claims thereto, which must be ascertained and adjudged by the Court. Further testimony may be taken in Court, or by a referee, at the discretion of the Court, and the Court may, if necessary, require such parties to present the facts or law in controversy, by pleadings, as in an original action. Sales by referees must be at public 775. (§ 287.) All sales of real property, made by referees, under this Chapter, must be made at public auction to the highest bidder, upon notice published auction. in the manner required for the sale of real property on execution. The notice must state the terms of sale, and if the property or any part of it is to be sold subject to a prior estate, charge, or lien, that must be stated in the notice. 776. (§ 288.) The Court must, in the order for sale, direct the terms of credit which may be allowed for the purchase money of any portion of the premises of which it may direct a sale on credit, and for that portion of which the purchase money is required, by the provisions hereinafter contained, to be invested for the benefit of unknown owners, infants, or parties out of the State. The Court the terms credit. must direct of sale or Referees may take securities for purchase money. Tenants whose estate has been sold shall receive compensation. The Court may fix such compensation. The Court must protect tenants 777. (§ 289.) The referees may take separate mortgages and other securities for the whole, or convenient portions of the purchase money, of such parts of the property as are directed by the Court to be sold on credit, for the shares of any known owner of full age, in the name of such owner; and for the shares of au infant, in the name of the guardian of such infant; and for other shares, in the name of the Clerk of the County and his successors in office. 778. (§ 290.) The person entitled to a tenancy for life, or years, whose estate has been sold, is entitled to receive such sum as may be deemed a reasonable satisfaction for such estate, and which the person so entitled may consent to accept instead thereof, by an instrument in writing, filed with the Clerk of the Court. Upon the filing of such consent, the Clerk must enter the same in the minutes of the Court. 779. ($ 291.) If such consent be not given, filed, and entered as provided in the last section, at or before a judgment of sale is rendered, the Court must ascertain and determine what proportion of the proceeds of the sale, after deducting expenses, will be a just and reasonable sum to be allowed on account of such estate, and must order the same to be paid to such party, or deposited in Court for him, as the case may require. 780. (§ 292.) If the persons entitled to such estate for life or years be unknown, the Court must unknown. provide for the protection of their rights in the same manner, as far as may be, as if they were known and had appeared. The Court must ascertain 781. (§ 293.) In all cases of sales, when it appears and secure that any person has a vested or contingent future right or estate in any of the property sold, the Court must the value of future contingent or vested interests. ascertain and settle the proportional value of such contingent or vested right or estate, and must direct such proportion of the proceeds of the sale to be invested, secured, or paid over, in such manner as to protect the rights and interests of the parties. 782. (§ 294.) In all cases of sales of property the terms must be made known at the time; and if the premises consist of distinct farms or lots, they must be sold separately. Who may not be 783. ($ 295.) Neither of the referees, nor any person for the benefit of either of them, can be in- purchasers. terested in any purchase; nor can a guardian of an infant party be interested in the purchase of any real property, being the subject of the action, except for the benefit of the infant. All sales contrary to the provisions of this section are void. 784. (§ 296.) After completing a sale of the property, or any part thereof ordered to be sold, the referees must report the same to the Court, with a description of the different parcels of land sold to each purchaser; the name of the purchaser; the price paid or secured; the terms and conditions of the sale, and the securities, if any, taken. The report must be filed in the office of the Clerk of the county where the property is situated. Referees must make the sale to the Court. firmed, ances may be 785. (§ 297.) If the sale be confirmed by the If conCourt an order must be entered, directing the referees conveyto execute conveyances and take securities pursuant executed. to such sale, which they are hereby authorized to do. Such order may also give directions to them respecting the disposition of the proceeds of the sale. 786. (§ 298.) When a party entitled to a share of the property, or an incumbrancer entitled to have his lien paid out of the sale, becomes a purchaser, the if a Proceeding lienholder purchaser. become a Convey ances must be recorded, and will be a bar against parties. Proceeds of sale to parties unknown referees may take his receipt for so much of the proceeds of the sale as belongs to him. 787. (§ 299.) The conveyances must be recorded in the county where the premises are situated, and shall be a bar against all persons interested in the property in any way, who shall have been named as parties in the action; and against all such parties and persons as were unknown, if the summons was served by publication, and against all persons claiming under them, or either of them. 788. (§ 300.) When there are proceeds of a sale belonging belonging to an unknown owner, or to a person without the State, who has no legal representative within it, the same must be invested in bonds of this State or of the United States, for the benefit of the persons entitled thereto. must be invested for their benefit. Investment must be made in the name of the Clerk of 789. ($ 301.) When the security of the proceeds of sale is taken, or when an investment of any such proceeds is made, it must be done, except as herein the county. otherwise provided, in the name of the Clerk of the county where the papers are filed, and his successors in office, who must hold the same for the use and benefit of the parties interested, subject to the order of the Court. When the interests of are ascer tained, securities must be taken in their names. 790. (§ 302.) When security is taken by the ref the parties erees on a sale, and the parties interested in such security, by an instrument in writing, under their hands, delivered to the referees, agree upon the shares and proportions to which they are respectively entitled, or when shares and proportions have been previously adjudged by the Court, such securities must be taken in the names of and payable to the parties respectively entitled thereto, and must be delivered to such parties upon their receipt therefor. Such agreement and receipt must be returned and filed with the Clerk. |