(a)Only by Individual. Only an individual may sell property pursuant to the Rules in this Chapter.(b) Under Power of Sale.(1)Individual Authorized to Conduct a Sale other than Under a Deed of Trust. Except as provided in subsection (b)(2) of this Rule, a secured party authorized by the lien instrument to make the sale or any other individual designated by name in the lien instrument to exercise the power of sale shall conduct the sale.(2)Individual Authorized to Conduct a Sale under a Deed of Trust. An individual appointed as trustee in a deed of trust or as a substitute trustee shall conduct the sale of property subject to a deed of trust.(3)Payment Terms. A sale of property under a power of sale shall be made upon the payment terms specified in the lien instrument. If no payment terms are specified in the lien instrument, the sale shall be made upon payment terms that are reasonable under the circumstances.(c)Under Assent to a Decree.(1)Individual Authorized to Sell. An individual appointed as a trustee in a lien instrument or as a substitute trustee shall conduct the sale of property pursuant to an assent to a decree.(2)Payment Terms. A sale of property under an order of court entered pursuant to an assent to a decree shall be made upon the payment terms provided in the order.Cross reference: For requirements concerning the timing of the sale of residential property, see Code, Real Property Article, § 7-105.1(n).
(d)No Power of Sale or Assent to Decree.(1)Individual Authorized to Sell. If there is no power or sale or assent to a decree in the lien instrument, or if the lien is a statutory lien, the sale shall be made by an individual trustee appointed by the court.(2)Payment Terms. The sale shall be made upon payment terms that are reasonable under the circumstances.Md. R. Prop. Sales 14-214.1
This Rule is derived in part from the 2008 version of former Rule 14-207(b) and (c) and is in part new.
Formerly Rule 14-214, adopted Feb. 10, 2009, eff. 5/1/2009. Amended June 7, 2010, eff. 7/1/2010; 3/11/2013, eff. 5/1/2013. Renumbered Rule 14-214.1 April 9, 2018, eff. 7/1/2018.HISTORICAL AND STATUTORY NOTES
2010 Orders
The June 7, 2010, order, inserted a cross reference at the end of the Rule.
2013 Orders
The May 1, 2013, order, amended the Rule to correct an internal reference in the cross reference after section (d).
2018 Orders
The April 9, 2018 order, renumbered the Rule 14-214 as Rule 14-214.1.