Proceeds of sale, disposition of. When paid into Court the cause may be continued for the determina tion of the the parties. claims of Sales by referees public auction. 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. 775. (§ 287.) All sales of real property, made by must be at referees, under this Chapter, must be made at public auction to the highest bidder, upon notice published 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. The Court must direct the terms of sale or credit. 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. may take for 777. (§ 289.) The referees may take separate Referees mortgages and other securities for the whole, or con- securities venient portions of the purchase money, of such parts purchase 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 an 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. whose estate has been sold shall receive compensa 778. (§ 290.) The person entitled to a tenancy Tenants 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 tion. 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. The Court such com may fix pensation. must tenants 780. (§ 292.) If the persons entitled to such The Court estate for life or years be unknown, the Court must protect provide for the protection of their rights in the same unknown. manner, as far as may be, as if they were known and had appeared. 781. (§ 293.) In all cases of sales, when it appears that any person has a vested or contingent future right or estate in any of the property sold, the Court must 86-VOL. I. The Court must ascertain and secur contingent of future or vested interests. Terms of sale must be made known at the time. Lots must be sold separately. Who may not be 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. ' 783. (§ 295.) Neither of the referees, nor any purchasers. person for the benefit of either of them, can be interested 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. Referees must make the sale to the Court. 784. (§ 296.) After completing a sale of the a report of 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. If confirmed, conveyances may be executed. Proceeding if a 785. (§ 297.) If the sale be confirmed by the Court an order must be entered, directing the referees to execute conveyances and take securities pursuant 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 Tienholder of the property, or an incumbrancer entitled to have purchaser. his lien paid out of the sale, becomes a purchaser, the become a Amended referees may take his receipt for so much of the proceeds of the sale as belongs to him. ances recorded, be a bar 787. (§ 299.) The conveyances must be recorded Conveyin the county where the premises are situated, and must be shall be a bar against all persons interested in the and will property in any way, who shall have been named as parties. 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. of sale to parties unknown 788. (§ 300.) When there are proceeds of a sale Proceeds belonging to an unknown owner, or to a person with- belonging out 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 for their benefit. must be made in of the the name Clerk of the county. 789. (§ 301.) When the security of the proceeds Investmen of sale is taken, or when an investment of any such proceeds is made, it must be done, except as herein 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. 790. (§ 302.) When security is taken by the referees 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 there for. Such agreement and receipt must be returned and filed with the Clerk. interests of When the the parties tained, taken in are ascer securities their Duties of the Clerk vestments. 791. ($303.) The Clerk in whose name a security making in is taken, or by whom an investment is made, and his successors in office, must receive the interest and principal as it becomes due, and apply and invest the same as the Court may direct; and must deposit with the County Treasurer all securities taken, and keep an account in a book provided and kept for that purpose, in the Clerk's office, free for inspection by all persons, of investments and moneys received by him thereon, and the disposition thereof. When unequal partition is ordered, compensation may be adjudged in certain cases. The share of an infant may be paid to his guardian. The guardian of an insane person may proceeds 792. ($304.) When it appears that partition cannot be made equal between the parties, according to their respective rights, without prejudice to the rights and interests of some of them, and a partition be ordered, the Court may adjudge compensation to be made by one party to another, on account of the inequality; but such compensation shall not be required to be made to others by owners unknown, nor by an infant, unless it appears that such infant has personal property sufficient for that purpose, and that his interest will be promoted thereby. And in all cases the Court has power to make compensatory adjustment between the respective parties, according to the ordinary principles of equity. 793. (§ 305.) When the share of an infant is sold, the proceeds of the sale may be paid by the referee making the sale to his general guardian, or the special guardian appointed for him in the action, upon giving the security required by law or directed by order of the Court. 794. (§ 306.) The guardian who may be entitled to the custody and management of the estate of an receive the insane person, or other person adjudged incapable of conducting his own affairs, whose interest in real property has been sold, may receive, in behalf of such person, his share of the proceeds of such real property of such party's interest. |