La. Stat. tit. 41 § 762

Current with changes from the 2024 Legislative Session

Section 41:762 - Procedure

When a sale of a sixteenth section is ordered, the sale shall be made by the parish treasurer of the parish in which the sixteenth section is located, in person or by the sheriff or any auctioneer of the parish, designated by the treasurer. The sale shall be made only after it has been advertised for thirty days in a newspaper published in the parish where the property is located; or if no newspaper is published in the parish, then, by posting a written or printed notice for thirty days at or near the front door of the court house in the parish where the property is situated and at two other public places in the parish. On the day named in the advertisement, the section shall be sold as a whole or in lots of not less than forty acres, at the principal front door of the court house of the parish in which the property is situated, between the hours of eleven o'clock A.M. and four o'clock P.M., with appraisement, to the last and highest bidder, and without a prior survey of the property, and upon the following terms and conditions:

(1) One-tenth or more in cash at the option of the purchaser, and the remainder, if any, in nine equal annual installments, bearing eight per cent interest per annum from date, interest payable annually.

(2) The deeds shall contain the usual security clauses and a stipulation to pay ten per cent attorney's fees in the event the services of an attorney are secured for the purpose of collection.

La. R.S. § 41:762