Rule 14-303 - Procedure Prior to Sale(a) Bond.(1)Trustee Appointed by Court. Unless excused by the court, a trustee appointed by the court to make a sale shall file a bond with the clerk. The bond shall be to the State of Maryland in an amount determined by the court and conditioned on faithful performance and execution of the trust.(2)Trustee Appointed Under Certain Instruments. Unless otherwise ordered by the court, the trustee need not file a bond if the sale is for the benefit of either the grantor of the trust instrument or a person who paid a valuable consideration for the deed of trust and who is entitled to the proceeds of sale. Cross reference: For payment of the premium of the bond out of the estate being administered, see Rule 10-702(f). See also Code, Commercial Law Article, § 15-103(a) concerning bond requirements before passage of title to an assignee for the benefit of creditors.
(b) Public Sale--Advertisement. Unless otherwise ordered by the court, a trustee proposing to make a public sale shall give notice by advertisement of the time, place, and terms of sale in a newspaper of general circulation in each county where any portion of the property is located. The notice shall describe the property to be sold sufficiently to identify it and shall be given as follows: (1) for the sale of an interest in real property, at least once a week for three successive weeks, the first publication to be not less than 15 days before the sale and the last publication to be not more than one week before the sale; or(2) for the sale of personal property, not less than five days nor more than 12 days before the sale.(c) Private Sale; Appraisal. Before making a private sale, the person proposing to make it shall file in the proceedings an appraisal made by a competent appraiser within six months before the date of sale. An appraisal need not be filed if the filing is excused by order of the court or if the sale is made by a personal representative of an estate administered in the circuit court under a will that grants a power of sale without expressly requiring an appraisal.Md. R. Prop. Sales 14-303
This Rule is derived from former Rule BR3.
Adopted June 5, 1996, eff. 1/1/1997.HISTORICAL NOTES
Derivation:
Maryland Rule of Procedure BR3, adopted Sept. 15, 1961, eff. Jan. 1, 1962, amended May 10, 1963, eff. May 15, 1963; amended eff. July 1, 1974; amended April 6, 1984, eff. July 1, 1984, related to procedure prior to judicial sales, rescinded June 5, 1996, eff. Jan. 1, 1997.