§4360. Resale if required payment not made; resale if adjudicatee fails to pay balance

            A. If the terms of the sale provide for the full payment of the adjudication price at the moment of the adjudication, or if the terms provide for a deposit, and the purchaser fails to make the full payment or deposit, the seizing creditor may direct the officer conducting the sale either to reoffer the property immediately or to readvertise the property for sale as provided in Subsection D of this Section. If the property is reoffered for sale immediately, the first purchaser is relieved of any liability. This Subsection does not apply to a sale conducted by online auction in accordance with Code of Civil Procedure Article 2344.

            B. In the case of a sale conducted by online auction in accordance with Code of Civil Procedure Article 2344, the purchaser shall pay the adjudication price, and the deposit if the terms of the sale provide for a deposit, by 4:30 p.m. on the first day following the sale exclusive of legal holidays as provided in R.S. 1:55(E)(3). If the purchaser fails to do so, the seizing creditor may direct the officer conducting the sale either to adjudicate the property to the bidder who submitted the second highest bid at the online auction, if that bidder is still willing to purchase the property for the amount of his bid, or to readvertise the property for sale as provided in Subsection D of this Section. If the property is adjudicated to the second highest bidder, the first purchaser is relieved of any liability.

            C. If the purchaser makes the deposit required by the terms of the sale and fails to pay the entire purchase price within thirty days after the adjudication, on demand of any interested party, the officer conducting the sale shall readvertise the property for sale as provided in Subsection D of this Section.

            D.(1) When the property is readvertised, it shall be in the manner required by law for the advertisement of the original sale, and the second sale is at the risk and for the account of the first purchaser. Should there be a loss because of the second sale, the first purchaser is liable for the loss; but should the property bring a higher price at the second sale, the first purchaser has no right to the increase.

            (2) The first purchaser shall not bid at a second sale.

            Added by Acts 1960, No. 32, §6, eff. Jan. 1, 1961; Acts 2023, No. 390, §2.