- May 30, 1989
- All Alaska Agents
- Upset Price
The Alaska Supreme Court has ruled that a court may establish a minimum bid or "upset price" for the sale of real property at a judicial foreclosure. Hayes V. Alaska USA Federal Credit Union, 767 P 2d 1158 (1989).
This price can be set before sale, or after the sale at the confirmation hearing. Although not authorized by statute, the court held that this power is inherent in the judicial system to avoid abuse at foreclosure sales.
The court ruled that it may refuse to confirm a sale "where there is gross inadequacy of price or inadequacy so extreme as to shock the conscience of the court".
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